Background on Claudia Sheinbaum and Her Role
Claudia Sheinbaum, the President of Mexico City since 2018 and currently serving as the interim national president following AMLO’s resignation, has taken a proactive approach to address Mexico’s stagnant economic growth. With seven consecutive years of annual growth below 1%, Sheinbaum is determined to reverse this trend and stimulate economic recovery.
Recent Meetings with Economists and Bankers
In a series of recent meetings, Sheinbaum has engaged with prominent economists and bankers to discuss strategies for economic growth. On January 17, she met with eight renowned economists at Palacio Nacional. The following day, she hosted bankers led by Emilio Romano, President of the Mexican Banking Association.
Sheinbaum shared updates on these meetings via social media, highlighting discussions on economic prospects and the path to rapid recovery. Although no official details have been released, her focus on these topics is evident.
Economic Data and Concerns
The upcoming preliminary GDP growth data for 2025 is expected on January 30. Most analysts predict a growth rate between 0.3% and 0.5%. The Indicador Global de la Actividad Económica (IGAE) for November showed a monthly decline of -0.16%, indicating Mexico’s prolonged economic stagnation.
Government and Banks Collaborate
During her meetings, Sheinbaum demonstrated optimism and a clear focus on collaboration with bankers. They discussed promoting growth through increased investment and credit, with the government planning to announce significant infrastructure projects for CFE, roads, trains, ports, and airports. Additionally, they addressed the stabilization of Pemex financially and explored ways for the Banco del Bienestar to complement commercial banking alongside new Nafin programs.
Bankers Emphasize Bancarization
Bankers stressed the need for increased bancarization, advocating for a recalibrated N2 (a money deposit account with moderate transaction limits) and an easier-to-open N3 digital or debit account for businesses. They also proposed promoting digital payments in specific products and services while enhancing financial education. One banker even suggested considering a bank account as a human right.
Desirable Outcomes
It is encouraging that President Sheinbaum is actively listening to economists, bankers, and business leaders. The hope is that these voices from the private sector will speak candidly and realistically, while Sheinbaum remains attentive to non-governmental perspectives to make crucial decisions that foster conditions for greater economic growth.
BBVA Participates in CCV Debt Market
BBVA Mexico’s Entry into CCV
BBVA Mexico, under the leadership of Eduardo Osuna, made a strong start to 2026 by participating in its first operation in the Contraparte Central de Valores de Deuda (CCV) as a liquidator for Federal Development Bonds, known as Bonos M.
BBVA entered the newly established debt market infrastructure of the Bolsa Mexicana de Valores (BMV) in November 2025. The CCV, operated by the BMV group headed by Marcos Martínez Gavica and Jorge Alegría, transitions operations from a bilateral (high-risk, high-cost) to a multilateral and centralized scheme.
Critical Analysis of Banxico’s Monetary Program
Banamex’s Economic Studies Team Critiques Banxico’s Monetary Program
Banamex’s Economic Studies Team has criticized Banxico’s 2026 Monetary Program, pointing out inconsistencies. The program fails to reflect observed data or Banxico’s own analysis on price shock impacts in their inflation forecasts.
For years, the team has warned about risks to Banxico’s credibility from sacrificing inflation forecasts in an attempt to anchor expectations about it.
