The peso and stock market sink after the resignation of Urzúa Mexico finance secretary

The resignation of Carlos Urzúa was a bucket of cold water in the markets; the peso falls more than 2.25% and the stock market, more than 1.2%.

The resignation of Carlos Urzúa as finance secretary is causing a sharp drop in the local financial market.

In a few minutes, the peso erased the gains it had on the day of more than 0.5% and now plunges 2.25% to 19.3400 per dollar, its weakest level since the end of May.

In turn, the Mexican Stock Exchange (BMV) extends a fall of more than 1.2% and operates around 43,000 points.

Urzúa made public his resignation by means of a letter published in Twitter in which he accuses that decisions have been taken in the federal government without enough sustenance and indicated that he was imposed by officials without knowledge of public finances.

Urzúa Accuses the imposition of officials and decisions

Carlos Urzúa complained about the imposition of officials by ‘influential figures’ in the lopezobradorista government; In addition, he admitted that public policy decisions have been taken without sufficient sustenance.

The Secretary of the Treasury, Carlos Urzúa, resigned his position on Tuesday through a letter in which he expresses his disagreement with economic policy decisions in the government of Andrés Manuel López Obrador.

The now-former official revealed that he has had many discrepancies in economic matters, some of them because public policy decisions have been made without sufficient sustenance.

“I am convinced that all economic policy must be based on evidence, taking care of the various effects that this may have and free of all extremism, be it right or left. However, during my administration the previous convictions did not find echo, “he said.

In addition, Urzúa indicated that the imposition of officials without adequate knowledge by “influential figures of the current government with a clear conflict of interest” was unacceptable.

“For the reasons above, I am forced to resign my position. Thank you very much for the privilege of having been able to serve Mexico, “he said in his letter spread on social networks.

AMLO 4th Transformation Crumbling

The resignation of the first finance secretary of the current administration, Carlos Urzúa Macías, opens a new front, which can become a crisis, for President López Obrador.

This opens not only a front in terms of the deteriorating confidence of the country in the international and national economic context, but also generates a dynamic of greater conflict within the alliance maintained by the president around him.

The question is opened from the very heart of the administration, about the presidential programs, from the construction of clients based on scholarships, through the refinery, a project already criticized earlier by officials of the same secretariat, the Train Maya, which is why the president had sought rapprochement with the EZLN, as well as the financial implications of the airports. The real problem has been shaped by socially based problems, such as the crisis of medicines, energy, the environment, science, layoffs and a long etcetera that can become the Waterloo of the 4T.

Source: notimex, reuters, forbex mx,

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