Friday, July 18, 2025

COVID roundup: there are signs of a fourth wave ‘but don’t tell the media’

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Health Minister Jorge Alcocer
Health Minister Jorge Alcocer: not a fan of the media.

New coronavirus cases and COVID-19 deaths are well below the levels seen in recent months as the third wave of the pandemic extended across Mexico, but there are now signs of a fourth wave, according to the federal health minister.

“Today we were presented signs of a fourth wave but I don’t want this [information] to reach the press,” Jorge Alcocer told a virtual mental health and addiction prevention conference last Friday.

Despite his wish, video footage of the minister making the remarks reached the media this week.

Alcocer described journalists as “distorters of the truth” before warning people to take care due to the (apparently) deteriorating coronavirus situation.

For his part, health policy analyst Xavier Tello told broadcaster CNN that Mexico is likely to face a fourth wave given that European countries such as Germany and Austria are currently experiencing large outbreaks.

He said data shows that previous waves began in Mexico 60 to 85 days after large outbreaks started in Europe.

Tello noted that although 85% of adults are vaccinated only about 50% of the total population is fully vaccinated.

“… We still need to vaccinate minors, we need to vaccinate adolescents and we need to vaccinate children and that’s something that is not in the plan,” he said, although the government announced last week that it would offer shots to youths aged 15 to 17.

Tello said that case numbers were still declining at the moment but predicted they will begin to rise at the end of this year or the start of 2022, largely due to Christmas and New Year’s gatherings and parties.

Pan American Health Organization assistant director Jarbas Barbosa agreed that a 50% population-wide vaccination rate won’t be sufficient to stop a fourth wave.

“Mexico has made a very significant effort to vaccinate its population. It has 50% of its entire population with two doses – it’s significant vaccine coverage but not yet sufficient to guarantee that the country won’t again have … [new] outbreaks,” he said Wednesday.

“Continuing with the vaccination is necessary, [Mexico needs to] reach a higher vaccination coverage, protect everyone with … [two doses],” Barbosa said, adding that other virus mitigation measures such as social distancing, face mask use and hand washing must also be maintained.

“What we’re seeing in Europe is that a lot of countries that have vaccination coverage of 60-75% [are seeing] significant new growth in the number of cases. There is no sign that the pandemic has ended.”

In other COVID-19 news:

• President López Obrador said Tuesday that health authorities will consider the possibility of offering third, booster shots to some sectors of the population.

“The booster vaccine will be analyzed in some cases, especially for the elderly but that still has to be decided by the doctors, the specialists,” he said.

All adults in the United States are now eligible for booster shots if six months have elapsed since they had their second Pfizer or Moderna shot.

• Almost 131.4 million vaccine doses have been administered in Mexico after just under 188,000 shots were given Tuesday.

About 76 million adults have been vaccinated and only 15% of that number are awaiting their second dose, Deputy Health Minister Hugo López-Gatell said Tuesday.

He also said that additional shipments of the Pfizer vaccine will arrive in Mexico this month and next and be used to inoculate youths aged 15 to 17.

• The Health Ministry reported 3,698 new cases and 326 COVID-19 deaths on Tuesday. Mexico’s accumulated tallies are currently 3.86 million cases and 292,850 fatalities.

There are just over 19,000 estimated active cases, including more than 2,800 in Mexico City and over 2,500 in Baja California, the only state in the country that is high risk orange on the federal government’s coronavirus stoplight map.

The other 31 states are all low risk green on the map, which will remain in effect through Sunday. The Health Ministry will publish a new map for the coming two weeks on Friday.

With reports from Milenio, El Universal and Forbes México

Puebla town’s palm artisans struggle to keep unique art form alive

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Sirenia Bardovino Pineda, textile artisan in Puebla
Artisan Sirenia Bardovino Pineda poses with some of her creations in her Santa María Chigmecatitlan shop. Photos by Joseph Sorrentino

“People in this pueblo have magic hands,” said Jesús Iván Ríos Piñeda, who served as my guide during a day in Santa María Chigmecatitlán, Puebla, which is located two hours south of Puebla city. People use their magic hands here to make intricate figures and other items from palm fronds or from plastic strips called rafia.

The Mixtecas, indigenous people who occupied — and still do — parts of Puebla, Oaxaca and Guerrero, have used palm fronds to weave mats, baskets and other items for hundreds of years, since well before the Spanish arrived. In 1642, this knowledge was brought to what is now Santa María Chigmecatitlán.

According to local oral history, the pueblo was founded when a group of Mixteca from Oaxaca, after wandering for 30 years, stopped at a mesquite tree and hung a canvas depicting the Virgin of Guadalupe on one of its branches. After that, they saw a coyote walking among some vines nearby.

The group decided to name the pueblo after the Virgin and the coyote: Chigmecatitlán is Mixteca for “dog among the vines.”

The pueblo’s founding is celebrated every December 8 with the canvas being hung again on a mesquite tree. Ríos said coyotes still live in the area but to date, none have appeared during the celebration.

artisan María Verónica Peralta Ordones
María Verónica Peralta Ordones learned the town’s palm frond weaving techniques from her grandmother.

Although the Mixtecas had woven utilitarian items for centuries, weaving palm fronds into figures probably didn’t start until the early 20th century. Artisans in Santa María Chigmecatitlán are most famous for their miniature figures — as small as one inch high — that are exquisitely detailed.

These miniatures didn’t appear until the mid-1960s, when the Gallardo Osorio family started to make them. Other families began making miniatures soon afterward.

The fronds used to make the figures are typically found near the pueblo and cut in March or April and again at the end of the year, when there is little or no rain. Once dried and cleaned, they’re ready to be used.

“Only people in this pueblo make miniature figures,” said María Verónica Peralta Ordones as she sat at her worktable. “I learned from my grandmother, first making chiquihuites (baskets) and purses. Before, people made chiquihuites, but now make mostly figures.”

If someone wanted to learn how to make the figures, Peralta said, they’d start with weaving a very small mat she called a tejida,  “It would take probably 15 days, working constantly,” she said. “And one must have agile fingers.”

Before making a figure, Peralta first places the palm fronds in a damp cloth for 30 minutes to moisten them. This makes them flexible. Using a needle, she then deftly slices them into very thin strips. Then her fingers take over.

As I watched in amazement, she somehow looped, twisted and wove those strips first into the body of an angel, then into its base and head. After connecting the head, she added its eyes, mouth and hair using a needle and colored thread. Finally, she wove and attached a belt, trumpet and wings.

To say her fingers moved expertly would be a gross understatement. They moved, as Ríos had said they would, magically.

“To do this work,” Peralta said, “one needs much patience, caring and love.”

She completed the angel, just over one inch in height, in less than an hour, but other figures take considerably longer. “A Catrina figure [the iconic Day of the Dead skeleton figure] of 12 centimeters takes about nine hours to make,” she said.

A nativity scene she made with a couple of dozen miniature figures required 20 days of work. “Challenges do not frighten me,” she said. That piece took second place at a Fonart (the federal handcrafts agency) regional competition in 2011.

A short walk from Peralta’s workshop is Mario Cabrera Ibañez’s store, Yuchi Ñuuu. “The name is Mixteca for ‘bits of palm,’” he said.

Puebla artisan Mario Cabrera
Artisan Mario Cabrera Ibañez makes both miniature palm figures and ones as big as three feet tall.

In addition to dozens of miniature figures on display, there were several large pieces in the store. One, of the Virgin of Guadalupe, was close to three feet tall.

“That took me 15 days to make, working eight hours a day,” said Cabrera. “I prefer to make miniatures, but it is all the same.”

In addition to working in palm, Cabrera and his family make items from rafia, thin plastic strips that imitate the fibers of natural raffia palm leaves. “My children work in rafia, which is faster,” he said. “I work in palm, which is more difficult. I sometimes work in rafia, but I prefer palm because of tradition.”

Just a short drive away, Sirenia Bardovino Pineda was weaving some chiquihuites out of rafia in her store. “I prefer rafia because it comes ready,” she said. “I do not need to clean or paint it.”

She said it takes about an hour to make a small chiquihuite.

“To learn how to make one takes two to seven days, depending on the person.” One of the most popular items made from rafia is the sonaja (rattle), of which there are at least 200 types. Bardovino said that, in addition to her store, she sometimes sells at fairs in other pueblos and cities. But, she mentioned, people often want to pay less. “There is a lot of bargaining,” she said.

Peralta estimates that there are 50 families — most of them related — in the pueblo who make the palm figures. Each family has its own unique style. But, sadly, it may be a dying art.

“I do not think young people will continue making these because it is difficult to survive economically,” she said. “Few young people make them, but I hope my granddaughters continue making them. My daughter also knows how to make them. More young people are musicians or join the military. They leave. Many know how to weave, but they prefer to do other things.”

Like everywhere, the pandemic has impacted the Santa Maria Chigmecatitlán, with fewer people coming to buy figures. But it did have one positive effect. “More young people stayed and learned how to work in palm,” said Peralta.

There were no tourists in town the day I was there and no customers in the stores. Some of the artisans said they sell their wares at fairs in different cities, but that requires a lot of traveling and expense.

“Many people have a second job,” said Ríos. In addition to making the figures, he works in construction. “I have to in order to survive.”

Yet, despite the difficulties, all the artisans I spoke with want to continue this work.

Miniature palm figure by Mario Cabrera Ibañez
One of Mario Cabrera Ibañez’s miniature figures. Yuchi Ñuuu Facebook

“I have a special affection for my work because I learned from my grandparents,” said Peralta. “My work helps me remember my grandparents.”

“I love my pueblo,” she added. “I love its people, its history. I love my work. It is a remembrance of my grandparents and a connection with my family. I want to continue working in palm. Mother Nature gave us this culture.”

• Items in Mario Cabrera Ibañez’s store Yuchi Ñuuu can be seen on his Facebook page

•María Verónica Peralta Ordones Peralta may be contacted at 224-104-9208

• Sirenia Bardovino Pineda can be reached at 224-115-5982.

Joseph Sorrentino, a writer, photographer and author of the book San Gregorio Atlapulco: Cosmvisiones and of Stinky Island Tales: Some Stories from an Italian-American Childhood, is a regular contributor to Mexico News Daily. More examples of his photographs and links to other articles may be found at www.sorrentinophotography.com  He currently lives in Chipilo, Puebla.

Peso under pressure: currency has lost 6.4% against dollar this year

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us and mexican currency

The peso has depreciated 6.4% on the dollar this year after losing 2.68% against the U.S. currency over four consecutive trading sessions this week. It is now at its worst comparative level since March.

One dollar was worth 21.43 pesos on Wednesday afternoon. 

The dollar has continued to strengthen due to the expectation of a stable monetary policy after U.S. President Biden nominated Jerome Powell for a second term at the head of the Federal Reserve.

An analyst at Banco Base, Gabriela Siller, said that at levels above 21 pesos per dollar the exchange rate could become volatile and surpass the year’s peak of 21.63, which it hit on March 8. 

She added that uncertainty about the next head of the Bank of México could make matters worse after President López Obrador withdrew Arturo Herrera’s nomination, and instead put forward Deputy Finance Minister Victoria Rodriguez for the position. “A nomination that doesn’t indicate respect for the Bank of México’s independence could generate uncertainty in the financial markets, given a greater perception of risk in Mexico, which would put additional pressure on the exchange rate and interest rates,” she said.

Omotunde Lawal of Barings, an investment management firm, stated the concern for Banxico’s independence in explicit terms. “I think that is why the peso is falling out of bed. People are worrying that this is a roundabout way for [López Obrador] to interfere with the central bank,” she said.

However, the peso’s poor show was as much a sign of the strength of the dollar, Monex Europe Analyst Ima Sammani said. “Markets are taking advantage of every moment of dollar strength that they can get in this environment, which is visible in business after Powell’s expected re-nomination,” she said.

With reports from El Economista

At 7%, November inflation rate highest in 20 years

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inflation

Inflation is at its highest level in more than 20 years, a report from the federal statistics agency INEGI shows. 

Data for the first half of November revealed the inflation rate was 7.05%, up 0.69% since the end of October. That figure is worlds away from the Bank of México’s target of 3%, plus or minus one percentage point. 

The rate has continuously surpassed Banxico’s target since March, and is at its highest level since April 2001 when it hit 7.08%.

The figure exceeded the expectations of experts consulted in a Reuters poll, who had anticipated a rate of 6.84%. 

The hike was driven by increases in electricity rates and the cost of some agricultural products.

A high rate of inflation is expected to continue into 2022. Banxico Deputy Governor Jonathan Heath said inflation was a matter of urgency. “Now our year-end estimate for December is between 7.1% and 7.3%; it really is a very serious problem. It means without a doubt that we are facing the problem of the highest inflation in the last 20 years,” he said.

President López Obrador said it was a global problem. “It is a worldwide phenomenon, there is a crisis that is now a post-pandemic crisis and is manifesting itself in all countries. We have inflation equal to that of the United States … [which is] more than 6%, Brazil has inflation of 11%,” he said.

He added that his landmark electricity reform was necessary to help manage inflation. “Fortunately, we are managing to stabilize prices. That is why we need the electrical reform, so that the price of electricity does not increase,” he said. 

An economist at Capital Economics, Nikhil Sanghani, said he expected Banxico to continue its moderate approach. “The strength of this inflation data will put pressure on Banxico to act more aggressively to quell inflation. But for now, we believe its tightening cycle will continue to be gradual,” he said.

Banxico raised its benchmark interest rate by 0.25% this month for the fourth time in a row, setting it at 5%, and raised its expectations for inflation for the end of this year.

Its next monetary policy announcement, the eighth and last of the year, is scheduled for December 16.

With reports from El Economista and Excélsior

Costco’s new store in Mexico City is the largest in the country

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new costco store
An architect's drawing of the new store in Santa Fe.

Big-box retailer Costco has opened a new store on the west side of Mexico City with an investment of US $60 million and the creation of 280 new jobs. 

The store is located in La Mexicana park in Santa Fe, a business district in the borough of Álvaro Obregón, characterized by high-rise buildings and a large shopping mall.

The new store has a total area of ​​21,200 square meters, making it the largest Costco in Mexico, and includes a new section of La Mexicana park on its roof with a soccer field, two basketball courts and other recreational areas.

Transport links to the area are set to improve in 2023 with the opening of the Mexico City-Toluca intercity railroad.

Costco has 39 stores in Mexico and 815 worldwide, the lion’s share of which are in the United States and Canada. It also has stores in Puerto Rico, the U.K., Spain, France, China, South Korea, Taiwan, Iceland and Australia, and an online store in a handful of the countries.

The sites in Mexico are well distributed across the country, mainly in central and northern states. The chain has 5.7 million members in Mexico and more than 100 million globally.

With reports from Real Estate Market and Retailers.mx

Oaxaca doctors hold 300 health service employees hostage in CDMX

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Oaxaca health workers protest outside Insabi headquarters.
Oaxaca health workers protest outside Insabi headquarters.

A group of disgruntled health workers from Oaxaca blocked access to a federal government building in Mexico City for eight hours on Tuesday, trapping some 300 workers inside.

About 60 doctors, orderlies, paramedics and psychologists arrived at the headquarters of the National Institute of Health for Well-Being (Insabi) at 12:00 p.m. to attend a meeting with officials to resolve working conditions in Oaxaca. More than 2,000 health employees who worked on the front line in the fight against COVID-19 have been dismissed.

Gabriela Colín Altamirano, a doctor, told the newspaper Reforma that Insabi officials stood them up. The health workers – members of a union of temporary health workers – proceeded to block the entrances and exits to the Insabi building, located in the southern Mexico City neighborhood of Guadalupe Inn.

It was after 9:00 p.m. when Insabi employees were finally able to leave the building, Reforma reported. It was unclear whether Juan Antonio Ferrer, the institute’s director, was among the workers trapped inside.

The health workers planned to remain at Insabi headquarters until they were given the opportunity to meet with officials. They set up tents to camp outside the building on Tuesday night.

One of the banners they hung outside the facility read: “They call us essential. They treat us as disposable.”

With reports from Reforma 

8 more bodies left hanging from Zacatecas overpasses

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A police roadblock on a highway near a location where bodies had been found.
A police roadblock on a highway near a location where bodies had been found.

As President López Obrador visits the state of Zacatecas with a new security plan in mind, the homicides continue: eight bodies were discovered hanging from trees and bridges in Fresnillo on Tuesday, adding to the 13 publicly displayed corpses hanging from overpasses last week, three in the same area. Forty murders were reported in the state last week. 

Seven of the bodies found on Tuesday were identified as men from Fresnillo aged 15-77 years, the news website Infobae reported.

Three were found hanging from a bridge over the Aguanaval River in San José de Lourdes, three were discovered hanging from a tree near Montemariana and another two were found in trees off the highway that connects San Ignacio and San Gabriel. 

Fresnillo is seen by its residents as the least safe city in the country: 94.3% of the adults reported feeling unsafe in a survey by federal statistics agency INEGI in September.

Last week’s gruesome discoveries saw 10 bodies found on highway 45 in the municipality of Cuauhtémoc on the border with Aguascalientes on November 18, and three corpses found hanging from a pedestrian overpass outside of Fresnillo on November 15. 

A turf war has raged since mid-2020 in Zacatecas between the Sinaloa Cartel and the Jalisco New Generation Cartel (CJNG), which seeks to expand in the north of the country. 

From December 2018 through September 2021, Zacatecas saw 2,192 murders.

Many police officers have abandoned their duties amid the ongoing cycle of violence. Of 58 municipalities in Zacatecas eight have few or no municipal police officers.

In Cuauhtémoc, one traffic cop armed with a rifle and a pistol is single-handedly trying to ensure the safety of the municipality of 11,275 people after municipal police decided not to go to work.

Earlier this week the mayor asked residents to remain in their homes at night. The plea worked, the newspaper Milenio reported: the streets are dead quiet after 8:00 p.m. as citizens seek to avoid getting caught in the crossfire between warring sicarios.

President López Obrador traveled to Zacatecas on Wednesday to meet with Governor David Monreal and form a plan for the state’s security. “We are going … to support David Monreal and give all our support to the people of Zacatecas. The entire cabinet of the federal government is going, today and tomorrow, to a security meeting. The entire security plan is going to be reinforced,” the president said at his morning news conference on Wednesday.

With reports from Infobae, Reforma and Milenio 

Miners challenge statistics that AMLO offered Canadian prime minister

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The Canadian prime minister and López Obrador
The Canadian prime minister and López Obrador in Washington last week.

President López Obrador has been accused of spreading misinformation after getting his numbers wrong in a conversation about mining with Canadian Prime Minister Justin Trudeau.

The president said Monday that he told Trudeau during last week’s North American Leaders Summit that mining concessions covered 60% of Mexico’s territory.

“I spoke to him about what [past governments] did with mining companies, how in the neoliberal period … they gave them 120 million hectares. I told him that our country has 200 million [hectares] and they granted concessions for 60% of the area of the national territory,” he told reporters at his regular news conference.

“There were very few mining companies that were using the concessions to extract minerals; the majority of national and foreign companies were dedicated to financial speculation,” he added.

López Obrador said that Trudeau – leader of a country that is the largest foreign investor in Mexico’s mining sector – was very interested in what he told him.

But data shows that the figures he cited are incorrect. Economy Ministry statistics show there are 24,066 current mining concessions and they are spread across 16.83 million hectares of land. Mexico’s total land area is 197 million hectares, meaning that mining concessions extend across about 8.5% of national territory.

Citing data from a Mexican Chamber of Mines report, the newspaper Reforma said that active mines and their plants and other facilities cover less than 0.1% of Mexico’s territory.

Lawyer Alberto Vásquez, who specializes in mining, said López Obrador’s sharing of his “other information” with a foreign leader showed he has no interest in knowing the reality of the mining industry.

(“Tengo otros datos, or “I have other information” is the president’s favorite catchphrase when confronted with information that portrays him and his government in a negative light.)

Vásquez said López Obrador was “flippant” with the information he conveyed to Trudeau and warned that it would generate uncertainty and affect foreign investment in the mining sector, undermining the North American free trade agreement.

“It’s a message that doesn’t just go directly to Trudeau as prime minister; it’s a message that permeates among Canadian investors, CEOs and businesspeople who can confirm the difficulties there are to obtain mining licenses and permits in the country,” he told Reforma.

López Obrador has proudly trumpeted that his government hasn’t offered any new mining concessions since it took office in late 2018.

Vásquez also said that speculation on mining concessions came to an end 15 years ago.

Patricia Vivar, another lawyer who specializes in mining matters, noted that while Canada is Mexico’s main partner in the mining sector, most concessions have gone to Mexican companies such as Peñoles and Grupo México, the nation’s biggest miner.

Juan Pablo Gudiño Gual, founding partner and general director of mining sector consultancy IGUAL, also said that López Obrador’s remarks to Trudeau and his public dissemination of them will discourage investment.

“His statement is unfair because mining has increased gross domestic product growth,” he said.

With reports from Reforma 

President spooks markets with nomination of little-known economist to head bank

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López Obrador has revealed little information about the surprise nomination of Victoria Rodríguez.
López Obrador has revealed little information about the surprise nomination of Victoria Rodríguez.

President López Obrador unnerved financial markets on Wednesday by nominating an obscure public sector economist to head the country’s central bank, causing the peso to slide to its lowest level since March.

The announcement came a day after unexpected news that the president had withdrawn his previous nominee, Arturo Herrera. a former finance minister better known to investors.

At his morning news conference on Wednesday López Obrador gave little explanation for his change of heart but tried to calm fears that he wants to interfere in the bank’s policymaking.

“We’ve demonstrated with the facts that we’re respectful of the autonomy of the Bank of México,” he told reporters. “There hasn’t been any meddling by the government, by the finance ministry in the Bank of México’s decisions.”

The Mexican peso weakened dramatically on the announcement, falling as much as 1.8% against the US dollar to trade as low 21.6 to the reserve currency. The slide made the peso the worst-performing emerging market currency on Friday, according to Bloomberg data.

peso vs dollar

Victoria Rodríguez Ceja, who has run federal government spending at a time of deep austerity cuts, does not have monetary policy experience but is a longtime public finance official at the state and federal level.

Cutting public spending is a key tenet of López Obrador’s government, and he sees it as closely linked to the fight against corruption.

“The market is very cautious because we don’t know [Rodríguez Ceja’s] position on inflation, especially on her perception of whether it is transitory or not,” said Gabriela Siller, head of financial and economic research at Banco Base. “Hers wasn’t a name being talked about as a possible candidate.”

If confirmed by the Senate as expected, Rodríguez Ceja would be the first woman to run the central bank. Her appointment would also mean that the majority of the bank’s five governors would be women.

The nomination comes at a challenging time for the bank, as inflation in the country surges — a phenomenon testing policymakers across the globe. New figures from Mexico’s statistics agency INEGI on Wednesday showed that inflation in the first half of November had climbed 7.05% from a year previously, the largest increase in 20 years.

In an attempt to tame inflation, the Bank of México has raised rates at the past four consecutive meetings.

Herrera — the previous nominee — had been seen by markets as more dovish than outgoing governor Alejandro Díaz de León. Though Rodríguez Ceja’s views are less well known, the last rate rise was taken with a 4-1 vote, meaning that her vote may not sway policy in a new direction in the short term.

The unexpected change in nominee comes the same week that the president published a directive to fast-track mega projects, a move the opposition — and lawyers — said was unconstitutional, vowing to bring legal challenges.

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Government withdraws former finance minister as candidate to head Bank of México

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Victoria Rodríguez
Victoria Rodríguez replaces Arturo Herrera as candidate to head the central bank.

The leadership of Mexico’s central bank was thrown into confusion on Tuesday after Senate majority leader Ricardo Monreal said the leading candidate’s name had been withdrawn, provoking uncertainty over monetary policy at a time of high inflation.

The choice of Arturo Herrera, previously the finance minister, was announced in June. He had been expected to start in January, pending Senate confirmation.

Monreal said the government had withdrawn his nomination in August but that it had not explained why, adding that Herrera could still be renominated.

Herrera himself later confirmed on Twitter that the president had told him he had decided to reconsider his appointment, without giving further details.

President López Obrador said Wednesday morning that Deputy Finance Minister Victoria Rodríguez would be the new candidate, observing that the participation of women was a priority for his government.

The withdrawal of Herrera’s candidacy was not the result of any irregularity on Herrera’s part, nor was it due to loss of confidence in him, the president said.

“… we always have to look for the best and under the circumstances it’s very important that [the candidate] be Victoria.”

Herrera had been seen by investors as close to the president, but analysts said on Tuesday that the news sparked more concern over the economy. “There is a lot of uncertainty, a lot of noise,” said Adrián de la Garza, chief economist for Mexico at Citi.

“This could possibly have an impact on markets in the very short term, but eventually the uncertainty should dissipate.”

In December last year the ruling party sparked an outcry when it tried to pass a bill forcing the Bank of México to buy dollars that banks could not repatriate. Rating agencies said the idea was credit negative for the sovereign and the bank itself pushed back hard. The plan was later shelved.

The news also came hours after the government published a directive to fast-track mega-projects and amid discussions over a radical overhaul of the energy sector. López Obrador’s critics say the moves threaten the rule of law and independent institutions.

With inflation climbing, the central bank raised rates for the fourth consecutive meeting earlier in November in a vote split 4-1 among members. Herrera is seen by markets as more dovish than current governor Alejandro Díaz de León.

Mexico’s economy suddenly contracted in the third quarter, preliminary data showed, with global chip shortages hitting the car sector and labour reform dragging on growth.

With reports from the Financial Times