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Mexico takes precautions amidst U.S. banking crisis

by Sofia Navarro
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The banking crisis in the United States will not have a significant negative impact on Mexican banks, but all provisions are being made to respond to any contingency, said the governor of Banco de México, Victoria Rodríguez Ceja.

“In the face of severe adverse scenarios, banks remain solvent and with sufficient liquidity, therefore, in the absence of additional shocks, we do not expect recent events in the US banking system or in international markets to have relevant negative effects on Mexican banks,” she said, while participating in the 86th edition of the Banking Convention.

From Merida, the governor of Banco de Mexico and the Mexican government sent a message of tranquility to the population, in view of the US banking crisis, caused after the bankruptcy of Silicon Valley Bank and Signature Bank, two of the most important banking institutions in that country, were declared bankrupt.

Banco de México will be attentive at all times to the development of global and local financial markets, in order to comply with its mandate to promote the healthy development of the financial system for the benefit of the population.

“Banco de México participates in the main global coordination forums to promote financial health and stability and at the national level is part of the Financial System Stability Council in which Mexican authorities in the matter interact to monitor eventual vulnerabilities and respond to any contingency,” Rodríguez stressed.

He affirmed that the Mexican banking system is well capitalized and has adequate liquidity levels, “in both cases with room above the regulatory minimums“, as confirmed by the stress tests published in its stability report this year.

The outgoing president of the Mexican Banking Association, Daniel Becker Feldman, acknowledged the work carried out by the government of Andrés Manuel López Obrador to strengthen the country’s economy, allowing it to face global adversities.

He recalled the covid-19 health crisis, which could have been faced with a liquid, robust and ready financial system.

He also acknowledged that Mexico has become one of the most attractive destinations to receive investments and create a global growth pole with equity and social justice.

We are doing well, better than the US and China: AMLO

At the inauguration of the 86th Banking Convention in Mérida, President Andrés Manuel López Obrador affirmed that the Mexican economy is stronger than ever and has shown higher growth than the United States and China.

Before bankers and authorities, the president affirmed that in Mexico “we are doing well“.

“To confirm it, last year we grew at a rate of 3.1 percent. It is not something to brag about, but we had a higher growth rate than the United States and China,” he said.

He said that the government did not contract additional public debt nor did it increase taxes or the prices of gasoline, diesel, gas or electricity.

“The peso is the currency that has appreciated the most in relation to the dollar in the world. This has not happened in at least 50 years, that is to say, there has been no devaluation, on the contrary, the peso has appreciated”, he stated.

López Obrador said that the reserves in the Bank of Mexico reached the record figure of 200 billion dollars, while Mexican multiple banks generated in 2022 more than 236 billion pesos.

For these achievements, the President reiterated his initial commitment not to change the rules for the operation of banks in Mexico.

“Continue doing legal business in Mexico, continue obtaining legitimate and reasonable profits, and let us all continue promoting progress with justice in our country,” he said.

TYT Newsroom

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