Mexican finance minister quits after clash with president

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Peso recovers earlier losses after President Lopez Obrador names Arturo Herrera as replacement

Former finance minister Carlos Urzúa speaks as Mexican President Andres Manuel Lopez Obrador looks in Mexico City, Mexico in February 2019. Picture: REUTERS/HENRY ROMERO

The peso lost as much 2.3% following the announcement of Urzúa’s resignation, only to pare its loss after AMLO, as the leftist president is known, said Herrera, the finance undersecretary, is his choice for successor. It fell 1.4% to 19.1878/$ at 12.26pm in Mexico City. “As this is a change, a transformation, sometimes people don’t understand we can’t continue with the same strategy. We can’t put new wine in old bottles.”

“There have been many discrepancies in economic matters,” Urzúa wrote on a Twitter post, adding that decisions by Lopez Obrador’s government on matters of public administration have lacked foundation.

 

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