The bank offered Sheinbaum its support and asked him not to be spooked by “a little volatility”

Mexico City (apro) – The president of the Mexican Banking Association (ABM), Julio Carranza Bolívar, said that the organization trusts the extensive government experience of the virtual president-elect Claudia Sheinbaum, “and appreciates her openness to dialogue, which is always given to us.”

He told a news conference that the bank will work with lawmakers and the new government to provide relevant information on the industry to enrich the discussion on initiatives proposed in the national interest.

Regarding the devaluation of the peso due to concerns about possible judicial reforms that could be approved in September, Carranza Bolívar believes that “there is no

“We should be scared of a little volatility in the market.”

Consensus decision

In his speech, Carranza said ABM congratulated Sheinbaum on his election victory and stressed that a six-year period of “excellent communication and coordination” between the bank and the federal government was coming to an end.

“Together we have experienced challenges and the bank has found certainty that has allowed it to continue to grow and support Mexican families and companies,” he said.

Bankers celebrated Sheinbaum’s belief that the most important decisions of the national economy must continue to be made by consensus.

“Similarly, we share his vision for T-MEC, nearshoring, private investment, economic stability, fiscal balance, Mexican bank autonomy, energy transition and commercial freedom; factors that can boost confidence in global and local markets,” ABM said.

The group also celebrated the long-serving tenure of Rogelio Ramírez de la O as Finance Minister.

“In the banking sector, we are committed and very happy to be part of the new government. The conclusion of our discussions is that, first, it is very important to maintain an open dialogue, a collaborative dialogue, to work with the new government so that it can manage successfully, and we have 1.3 billion pesos in funds to finance families, companies and viable projects,” Carranza Bolivar reported.

Volatility

Regarding the recent pressure on the currency due to the possible approval of judicial reforms, Carranza Bolivar insisted that Mexico has had a floating exchange rate for many years, which takes into account precisely the various issues that can generate fluctuations, with the exchange rate adjusting and reacting in a way that “some days we see it higher, other days we see it lower.”

He recalled that the exchange rate was 25 pesos when Trump took office and later fell to 16 pesos.

“So it’s clear that the Mexican economy has tremendous strength

For example, timely response to market conditions,” he revealed.

“It’s not that because we see the exchange rate going higher today that we think it will continue to be that way, it’s just responding to the situation and the moment that we are and are living in right now,” he stressed.

ABM leaders announced that the organization is ready to participate in the open parliament proposed by Sheinbaum. “The banking industry has always provided timely information for better decision-making, and we believe this is our primary function,” he added.

“Are we going to see volatility? Yes, we are going to see volatility, this is a period of volatility. But let’s think about it, I believe Mexico is a very, very big country, very, very important, with wonderful things, and we should not be scared by a little volatility in the market,” he argued.