Published: Thu, July 11, 2019
Global News | By Blake Casey

Mexico Finance Minister Urzua quits, Herrera named successor

Mexico Finance Minister Urzua quits, Herrera named successor

Mexico's finance minister, Carlos Urzúa, quit abruptly on Tuesday, with a letter of resignation that appeared highly critical of the current administration, and raised questions about the president's much-vaunted promise to reduce corruption.

The Mexican peso fell over 2% on the news and the benchmark stock index slid nearly 1.5%. Urzua's departure doesn't seem to put the recent USMCA trade deal at risk, but does highlight concerns about policy decision making in AMLO's administration.

"I'm convinced that economic policies should always be evidence-based, careful of their potential impacts and free of extremism, either from the right or the left", Urzua said.

Carlos Ursua also stated that he imposed a hiring employees who "don't have knowledge in the financial field".

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"This was caused by influential people in the current government with a patent conflict of interests", added Urzua, without specifying exactly whom he was referring to.

Mexican president appointed finance undersecretary Arturo Herrera as the new minister following Urzua's resignation.

Seeking to further soothe nerves, Herrera said that he did not think Mexico's first-quarter economic contraction would herald a recession. This was announced on Tuesday, the President of the Latin American countries, Andres Manuel Lopez Obrador. "I trust him completely", wrote the head of state in the microblog Twitter.

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