The Association of Banks of Mexico spoke on Tuesday, December 7, in relation to different issues related to the economy in general and banking activity in particular.
He spoke of the advance of the so-called fintech, the banking of Mexicans, the growth of the economy, interest rates and the arrival of Victoria Rodríguez to the board of Banco de México (Banxico).
According to the entity chaired by Daniel Becker Feldman, one of the keys to growth is the balanced growth of the Mexican economy and the interest rates determined by Banxico.
Becker said that this balance is key for the recovery to be solid and can be consolidated.
“I think the challenge is this balance between the tighter monetary policy that we have seen in the last four monetary policy meetings with rate increases and how a decrease in economic activity is balanced with higher interest rates,” Becker said in a conference.
The head of the ABM also spoke of Victoria Rodríguez and her arrival at the Banxico board. He considered that “it does not represent a danger for the autonomy of the central bank” and confirmed that they will have a meeting with her next week.
Although he said that they still do not know the new governor of the Bank of Mexico, they welcome the interest of Rodríguez to meet.
Regulation and fintech
The ABM took the opportunity to talk about the strong growth of the fintech sector and the gradual way in which these startups are taking market share from the traditional banking sector.
In this sense, the banks demand “a level floor” in the regulation of the fintech sector and that this must be specified urgently, in 2022.
For this, Becker hopes that there will be a close relationship with representatives of regulators such as Banxico and the National Banking and Securities Commission.
Finally, a request linked to the previous one: more penetration of banking services among Mexicans.
The objective of the AMB is that 100 percent of the inhabitants of Mexico have some banking product with the idea of closing the gap that has caused “millions of Mexicans to lag behind,” said Becker.
On Twitter, Becker complained that Standard & Poor’s ratified Mexico’s credit rating at BBB, in foreign currency, and BBB + in local currency, with a “negative” outlook.
Exchange rate at $ 21.01, tomorrow it will be possible to see the exchange rate return to levels of $ 20 high, this also associated with the ratification of the sovereign debt rating by S&P.
– Daniel Becker F (@DBeckerF) December 8, 2021
He also announced that the exchange rate will remain at “high $ 20 levels,” and said that this “is associated with the ratification of the sovereign debt rating by S&P.”