MERIDA, Mexico (Reuters) – Financial institution of Mexico Governor Victoria Rodriguez vouched for the nation’s banking system on Thursday, calling it sturdy and sufficiently liquid, simply days after banking woes struck lenders overseas, sparking fears of wider contagion.
The pinnacle of Banxico, because the Mexican central financial institution known as, spoke at an annual banking convention within the southern metropolis of Merida.
Rodriguez insisted in ready remarks that the disaster hitting the banking sector in the US and Europe, which incorporates the collapse of Silicon Valley Financial institution and market turmoil that ensnared Swiss lender Credit score Suisse, is just not anticipated to affect Mexican banks.
Rodriguez, a former deputy finance minister who was tapped to guide Mexico’s financial authority by President Andres Manuel Lopez Obardor in late 2021, added Mexico’s banks are effectively positioned to gas development going ahead.
As many international provide chains confronted bottlenecks in recent times, Mexico has clear benefits for nearshoring, Rodriguez stated.
Nearshoring is the pattern of shifting manufacturing nearer to North American patrons and away from Asia, the place supply-chain snarls through the pandemic overshadowed the area’s low-cost benefit.
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