Carstens Postpones Departure from Bank of Mexico Pedro Nicolaci da Costa - Business Insider
go to original February 21, 2017

Mexico's Central Bank Governor Agustin Carstens (C) greets the audience at the National Palace in Mexico City (Reuters/Edgard Garrido)

Donald Trump’s presidency has gotten off to a rocky start, with turmoil at the most senior levels of his administration forcing reality Apprentice-like last-minute searches for a new head of the National Security Council to replace a Russia-tarnished Michael Flynn.

But the top-level personnel changes forced on by Trump’s brusque management style have not limited themselves to his own government. Witness Mexican President Enrique Pena Nieto’s unusual request that the head of the central bank, the crisis-tested Agustin Carstens, stay on a little longer to manage the peso’s volatility and other economic issues.

Mexico’s economic policy has long been hostage to outside factors, including every turn of the US presidential campaign, where the peso suffered every time Trump’s victory appeared more likely, to Federal Reserve policy, whose tightening prospects have added to the currency’s challenges.

The Mexican peso has hit repeated record lows against the dollar since Trump’s shock electoral victory, ironically boosting the very export manufacturing sectors that Trump and his team argue, erroneously, are stealing American jobs. The peso has rebounded around 7% since Trump took office, but that has only added to uncertainty about the future.

Read the rest at Yahoo Finance

Related: The Bank for International Settlements Agrees to Delay Start of New Chief Carstens' Term (Reuters)

Related: Mexico Central Bank Faces 'Complex Environment': Diaz de Leon (Reuters)

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