Mexico’s Finance Minister, Rogelio Ramirez de la O, has resigned after serving for over three years, President Claudia Sheinbaum announced on Friday. Deputy Finance Minister Edgar Amador will succeed him.
Amador, who previously served under former Mexico City Mayor Miguel Mancera and as an advisor to central bank chief Victoria Rodriguez, has been Deputy Finance Minister since last year. He frequently represented Ramirez de la O at public events and is expected to maintain a similar policy approach. The Mexican peso remained relatively stable following the announcement, trading nearly 0.2% stronger against the dollar. Analysts viewed the appointment as a safe and steady choice.
“It’s a safe appointment,” commented Marco Oviedo, a strategist at XP Investimentos. “He is already familiar with the issues of the Finance Ministry, and probably he will be closer to markets and investors.”
Ramirez de la O cited personal reasons for his resignation. President Sheinbaum praised him as “our country’s best economist” and announced his appointment as an international economic advisor to her administration.
Appointed by former President Andres Manuel Lopez Obrador in 2021, Ramirez de la O played a key role in the Morena Party’s austerity measures and the increased government spending during the latter part of Lopez Obrador’s presidency. His responsibilities included rescuing Mexico’s struggling oil company, Pemex, and overseeing major infrastructure projects such as a tourist train and a new refinery.
While anticipated to depart at the end of Lopez Obrador’s term, Ramirez de la O remained through the beginning of Sheinbaum’s presidency, which commenced in October. His guidance helped investors navigate the initial market volatility triggered by President Donald Trump’s tariff threats. However, he leaves amidst concerns about the government’s ability to rebalance its budget in the face of slowing economic growth.
Ramirez de la O is expected to return to his previous role at the economic consultancy firm, Ecanal.
