Meet Rogelio Ramírez de la O, Mexico's Next Finance MinisterBy María Fernanda Barría | Wed, 06/16/2021 - 08:45
President López Obrador recently announced that Rogelio Ramírez de la O will lead the Ministry of Finance, replacing current Finance Minister Arturo Herrera, who is expected to become the next Banxico governor in November.
Here we present his credentials. The future Minister holds a Ph.D. in Economics from Cambridge University, England and a B.A. in Economics from the Universidad Nacional Autónoma de Mexico (UNAM).
"I am assuming this responsibility after having spent many years observing and studying the Mexican economy, as well as the performance of various regions of the country," said Ramírez de la O during his nomination as future Minister of Finance.
In 1983 Dr. Ramírez de la O became the general director of Ecanal, a private economic analysis firm with customers from multinational and Mexican firms. In 1984 he became a company partner. In addition, he has served as an advisor to significant foreign investment funds with interests in Mexico, such as the Independent Director of Reaseguradora Patria and Consorcio Pena Verde.
In 2012 presidential candidate Andrés Manuel López Obrador had previously proposed Ramírez de la O as Minister of Finance. "He is an economist with a social dimension. He has helped us understand why the current economic policy does not work and why a new economy is needed," said López Obrador.
Ramírez de la O regularly advised companies in the automotive, consumer goods, beverages, pharmaceutical, and investment funds industries. He is a board member of ABN-AMRO Bank and Grupo Modelo. In addition, he is often consulted by the financial press, who considers him one of the few independent economists. The media has reported that Ramírez de la O is regarded as one of the very few economists who foresaw the 1994-peso devaluation and the banking crisis that affected the Mexican economy.
The President has indicated that he trusts the future Minister because they have had a close working relationship. "He has supported me in everything that has to do with the management of the economy, especially on how to make an efficient, austere, sober government," said López Obrador.
As previously reported by MBN, the future Minister of Finance will face the challenges to support and strengthen the Mexican economic policy promoted during the President's administration. The President has stressed that his appointment will be very beneficial since he is one of the best economists in the country. Several government officials have already congratulated Dr. Ramirez de la O for his nomination. They include Rocío Nahle, Minister of Energy, and Tatiana Clouthier, Minister of Economy, among others.
It is worth noting that Mexico's prominent businessmen have welcomed the Finance Ministry and central bank leadership appointments.