Economist José Gabriel Cuadra García is poised to be the next deputy governor of the Bank of Mexico (Banxico), ahead of the first monetary policy meeting. Sources close to the matter reported that his nomination was sent to the Senate's Finance and Public Credit Commission by the federal executive. If approved, Cuadra García would join the current management team of the bank, led by President Claudia Sheinbaum, until the end of 2032.
At the upcoming monetary policy decision meeting scheduled for February 6, Banxico is expected to reduce the interest rate by 50 basis points, lowering it from 10% to 9.50%, marking its fifth consecutive cut and the first of that magnitude. However, concerns about U.S. trade policies could impact the implementation of the strategies outlined in the central bank's 2025 Monetary Program.
Other potential candidates mentioned for the position include Alejandrina Salcedo, the economic research director at Banxico, and Claudia Álvarez, the director of auditing and risk management at the monetary institution. The Governing Board of Banxico, currently composed of four members, was reduced following the completion of Irene Espinosa's term on December 31, with a career at the institution dating back to 1998.
José Gabriel Cuadra García, a graduate in Industrial Engineering from the Autonomous University of the State of Morelos (UAEM) and in Economics from the Autonomous Technological Institute of Mexico (ITAM), and holding a doctorate in Economics from the University of Rochester, has held prominent roles at Banxico, including Director General of Economic Research (DGIE) and Director General of Financial Stability. His possible appointment as deputy governor adds an additional component to the renewal at the helm of the central bank.
