Mexico president scraps choice for central bank chief

MEXICO CITY: Mexican President Andres Manuel Lopez Obrador has withdrawn his nomination of former finance minister Arturo Herrera to head the central bank, Herrera announced.

Lopez Obrador had proposed his then finance minister in June to be governor of the Bank of Mexico, subject to approval by the Senate.

“The president informed me a week ago that he had decided to reconsider my appointment as head of the Bank of Mexico,” Herrera tweeted without elaborating.

Herrera has already been replaced as finance minister by Rogelio Ramirez de la O, an economic consultant and ally of Lopez Obrador.

The surprise withdrawal of Herrera’s nomination “creates uncertainty,” tweeted Gabriela Siller, head of analysis for the financial group BASE.

“International investors are asking who will be the next governor of the Bank of Mexico and why Herrera was not ratified,” she added.

The news comes at a time when Mexico is facing rising inflation that has prompted the central bank to raise interest rates for the fourth consecutive meetings.

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