Victoria Rodríguez Ceja Emphasizes Transparency and Accountability
Victoria Rodríguez Ceja, the Governor of Banco de México (Banxico), highlighted the importance of transparency and accountability in enhancing the effectiveness and positive impact of monetary policies.
In her speech during the Centennial Celebration of Banco de México, Rodríguez Ceja stated that through regular reports, policy announcements, and detailed decision-making minutes, Banxico subjects itself to rigorous social scrutiny.
By adopting new technologies, Banxico has multiplied its dissemination and communication tasks, making it easier for economic agents to track the central bank’s actions when making long-term decisions. Consequently, Banxico continuously optimizes and updates its tools for monetary policy guidance and public communication.
Promoting Competition, Transparency, and Consumer Protection
Rodríguez Ceja’s Leadership in Fostering Financial Services
Since taking office in January 2022, Rodríguez Ceja has championed competition, transparency, and consumer protection to encourage more and better financial services.
Inflation Progressing Towards Target
Inflation Increasingly Aligned with Banxico’s Target
According to Rodríguez Ceja, inflation levels are becoming increasingly aligned with Banxico’s permanent target of 3%, with a tolerance range of ±1 percentage point since 2003.
The National Institute of Statistics and Geography (Inegi) reported that inflation varied by 3.51% in July, lowering it from the upper limit of the permissible range (4%) where it had remained during May and June 2023 after five consecutive months of upward trends. The most recent data, for the first half of August, shows an inflation rate of 3.49%.
Since adopting the inflation target, Banxico has only met this precise 3% target in 18 months between 2015 and 2016.
A Brief Look at Banxico’s Autonomy
Limited Mentions of Autonomy by Rodríguez Ceja
Rodríguez Ceja mentioned “autonomy” only once during her entire speech, referring to the 1994 reform of Article 28 in the Constitution. Unlike previous commemorative conferences where her predecessors spoke alongside Junta members, she was flanked by federal government officials.
Present at the event were Mexico’s President Claudia Sheinbaum, Secretary of Government Rosa Isela Rodríguez, Secretary of Finance Edgar Amador Zamora, and the presidents of both the Senate and the Chamber of Deputies.
Commemorative Coins and Banknotes
Unveiling Commemorative Coins and Banknotes
At the end of the protocol event, Governor Rodríguez Ceja presented a commemorative coin to Mexico’s President and unveiled a plaque together. The limited-edition silver coin, valued at 10 pesos, will be available for purchase at Banco de México stores and the Interactive Economics Museum (MIDE).
The coin, made of 2 ounces of.999 silver, was minted at the Mexico Coinage House. Additionally, Banxico announced that valid-for-circulation commemorative banknotes will be in circulation for the remainder of the year, featuring the “100th Anniversary 1925-2025” inscription.
