LatinNews Daily - 05 June 2024

*Mexico’s association of banks (ABM) has welcomed the confirmation that Finance Minister Rogelio Ramírez de la O will remain in his role when President-elect Claudia Sheinbaum takes office on 1 October. This came after Sheinbaum, who won the presidency by a landslide on 2 June, announced that Ramírez de la O had accepted her invitation to retain his role after the transition. In a statement, ABM said that the announcement sends “a powerful message to the global financial community, as well as to international markets, that Mexico will continue with a firm and disciplined economic and financial policy, geared towards consolidating economic growth”. The international markets have reacted with unease to Mexico’s elections, with the Mexican peso sinking against the dollar. This is mostly in response to fears that the ruling Movimiento Regeneración Nacional (Morena) is set to gain too much power, enabling it to enact reforms that may damage the business climate or reduce checks and balances without the need for opposition support.