Peso strengthens slightly after president-elect looks to assuage investor nerves with selection for vital role
Mexico’s president-elect Claudia Sheinbaum chose an economy minister seen as business friendly to join her cabinet as she tried to calm investors unnerved by her resounding electoral victory earlier this month. At a brief event on Thursday, Sheinbaum named six cabinet members, emphasising their subject-matter expertise or relevant experience for their roles.
The peso strengthened 0.6 per cent against the dollar after the cabinet announcement. It is still more than 7 per cent weaker than before the election over worries that the proposed changes and other reforms would remove crucial checks and balances. Sheinbaum opted for continuity by confirming Rogelio Ramírez de la O will stay on in the finance role. Foreign minister Alicia Bárcena will also join the new cabinet in charge of the environment ministry.
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