Government gives approval to new Bank of Mexico Board member Omar Mejia

• The nomination of Omar Meja as the new board member of the Bank of Mexico was approved by Congress.
• The commission is a group of parliamentarians that meets while Congress is not in session.
• Mejia is a current central bank adviser who was not well-known before his nomination.

The government’s choice for the newest Bank of Mexico board member was approved by Mexican lawmakers on Wednesday, filling the gap created by the departure of dovish deputy governor Gerardo Esquivel at the end of 2022.

The country’s Permanent Commission of Congress, a group of parliamentarians that meets while Congress is not in session, decided to approve Omar Mejia, a current central bank adviser who was not well-known before his nomination, with 24 votes in favour, one against, and 10 abstentions.

Mejia stressed that combating inflation will be a priority in the position as he informed members of Congress on Tuesday that he supported the central bank’s ongoing cycle of rate increases that started in June 2021.

If appointed to the board, he also pledged independence and transparency.

“It is crucial to preserve (the bank’s) autonomy and maintain a strict respect for it in order to guarantee the institution’s credibility,” Mejia said.

After President Andres Manuel Lopez Obrador declared an increase in interest rates prior to the bank, Banxico, as the central bank is known, came under fire last year.

Although Lopez Obrador later apologised, stating that he mistakenly believed the decision had already been made, critics claimed the bank did not have the necessary independence from the presidency.

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