President to Propose Second Term for Bank of Mexico Governor Carstens Anthony Harrup - WSJ.com
go to original September 9, 2015

Agustin Carstens, governor of the Bank of Mexico, at the World Bank conference in Mexico City. (Susana Gonzalez/Bloomberg News)

Mexican President Enrique Peña Nieto will propose that Bank of Mexico Gov, Agustín Carstens serve a second six-year term at the helm of the central bank in a decision likely to give confidence to financial markets.

Finance Minister Luis Videgaray made the announcement Tuesday in presenting the government’s 2016 budget proposal to Congress.

“Tomorrow the president will be sending to the Senate the proposal to ratify Agustín Carstens as governor of the Bank of Mexico,” Mr. Videgaray said.

Mr. Carstens, a former deputy managing director of the International Monetary Fund and former Mexican finance minister, has led the central bank since January 2010, after being appointed by former Mexican President Felipe Calderón.

Mr. Carstens took over the bank at a time when Mexico was pulling out of the 2009 recession. Under his term, the central bank has cut interest rates from 4.5% to a record-low 3% in an effort to spur economic growth, while inflation has eased to a record-low 2.6% as of mid-August.

His predecessor, Guillermo Ortiz, served two terms at the head of the bank.

Read the rest at WSJ.com

Related: Mexico Inflation Rate Fell to Near Five-Decade Low in August (Bloomberg)

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