Introduction to Victoria Rodríguez Ceja and Her Role
Victoria Rodríguez Ceja, the Governor of Banco de México (Banxico), emphasized the importance of transparency and accountability in enhancing the effectiveness and positive impact of the central bank’s policies during the centennial celebration of Banco de México.
Key Points on Transparency and Communication
- Importance of Transparency: Rodríguez Ceja stated that transparency and strict accountability are indispensable for improving the efficiency and positive outcomes of Banxico’s policies.
- Enhanced Communication Efforts: Since the mid-1990s, Banxico has multiplied its outreach and communication tasks to disseminate crucial data that enables economic agents to better track the central bank’s actions.
- Divulgation Instruments: Through regular reports, monetary policy announcements, detailed decision-making minutes, and other dissemination tools, Banxico subjects itself to thorough social scrutiny.
- Modernized Regulation: The bank has played a significant role in modernizing regulations that promote a more robust and healthy financial system, fostering competition, transparency, and consumer protection to encourage better financial services for larger population segments.
- Transparency as Credibility: Rodríguez Ceja described transparency as an instrument of credibility.
Inflation Progress and Target Alignment
According to Rodríguez Ceja, inflation levels are increasingly in line with the target, reflecting the success of a monetary policy focused on price stability. The Banco de México’s specific inflation target was set at 3% with a +/-1 percentage point range since 2003.
- Historical Target Achievement: Between 2015 and 2016, the bank only met its target of 3% in 18 out of 199 months.
- Recent Inflation Data: The National Institute of Statistics and Geography (Inegi) reported a 3.51% inflation rate in July, marking the first time it fell below the upper limit of the permissible range (4%).
This progress aids economic agents in planning investment, production, and consumption decisions with greater certainty.
Brief Overview of Banco de México’s Autonomy
During her speech, Rodríguez Ceja mentioned autonomy only once when discussing Banco de México’s history. Unlike previous conferences, she was surrounded by federal government officials instead of her Junta de Gobierno members.
- Prominent Attendees: The event was attended by President Claudia Sheinbaum, Secretary of the Interior Rosa Isela Rodríguez, Secretary of Finance Edgar Amador Zamora, and the presidents of both the Senate and the Chamber of Deputies.
- Subordinate Governors Present: Sub-governors Galia Borja, Jonathan Heath, Gabriel Cuadra, and Omar Mejía Castelazo were part of the audience.
