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Yorio Reiterates AMLO Stance On Mon Pol Impacting Growth

MEXICO
  • Recapping comments from Deputy Finance Minister Yorio:
    • Yorio says Mexico won't likely reach 4.1% growth in 2022 (BBG)
    • Mon policy can't affect Mexico supply-driven CPI by much (BBG)
    • Central banks need to avoid impacting economic expansion (BBG)
  • As a reminder, on December 30, president AMLO also made comments surrounding his desire for Banxico to help boost growth.
    • “One job of the bank is to control inflation and the other, which we would like very much to see, but we are only giving an opinion, is that it also helps to boost growth,” AMLO remarked. “Inflation can be controlled but if there isn’t growth we don’t make progress.”
  • Lopez Obrador’s nomination of Victoria Rodriguez Ceja to lead Banxico has raised questions about whether the bank’s coveted autonomy would be called into question. Despite this, it is worth noting the president made his remarks after the bank’s new governor reiterated her commitment to stick to the current inflation-targeting mandate.
  • The next Banxico meeting is scheduled for February 10.
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