Mexico's new finance minister, believer in stability, takes charge of choppy economy

USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns

Citing deep differences over economic issues, Mexico Finance Minister Carlos Urzua resigned on Tuesday in a blow to the government of President Andres Manuel Lopez Obrador, who named a well-regarded deputy minister to replace him.

"The most important anchor point of fiscal policy for this year is a primary surplus of 1 percent", he said.

The latest solutions in the field of economic politicians peso, the national currency of Mexico, fell more than 2%, reports TASS. "I'm convinced that economic policy should be based on evidence, considering the various effects it may have and free from all extremism, whether from the right or left".

He appointed Arturo Herrera, the current finance undersecretary, in his place.

Carlos Urzua (right) says he could not continue working with Mexican President Andres Manuel Lopez Obrador (left) due to their numerous disagreements over fiscal policy.

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"These convictions did not resonate during my tenure in this administration", Urzua said. Herrera is well known to investors and seen as a competent economic manager.

"Some of those because this administration has made public policy decisions without enough support".

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.

In a video message to announce his successor, Lopez Obrador said Urzua was not comfortable with the decisions being taken to upend what the president frequently calls the neoliberal era in Mexico, starting in the 1980s.

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