Mexican finance chief quits over policy discrepancies

USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns

New Mexican Minister of Finance Arturo Herrera on Tuesday vowed to extend the tight fiscal grip exerted by his predecessor, moving to restore calm after the stormy departure of his former boss from the Cabinet of Mexican President Andres Manuel Lopez Obrador.

The move dealt a blow to Mexican President Andres Manuel Lopez Obrador, who named a well-regarded deputy minister to replace him.

Urzua highlighted discrepancies regarding economic matters, adding that policy decisions should be based in fact and free from political extremism. 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.

Following the news, the stock market in Latin America's second-largest economy closed with a loss of 1.77 per cent, while the peso fell 1.36 per cent against the U.S. dollar. "However, these convictions did not resonate during my tenure in this administration", Urzua said.

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Communities are restful based entirely around tribal traditions and heaps little villages include never had avenue connections. During the last years, the inflow of automatic weapons has made clashes extra lethal and escalated the cycle of violence.

"However, during my administration, the above convictions were not shared", said Urzua, who occupied the post since December 1, when the current administration began.

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.

"(Herrera) is a well-known figure with good dialogue with market participants and is not perceived as a. dogmatic individual", said Alberto Ramos, head of Latin American research at Goldman Sachs.

"We believe there will be economic growth, that we will progress in the country by fighting corruption and. with a policy of austerity", the president said.

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