David Páramo called AMLO's stumbling block with Banxico “funny”

After Andrés Manuel López Obrador (AMLO), president of Mexico, leaked to the press the increase in the interest rate by the Banco de México (Banxico), there were many criticisms against his alleged neglect.

However, there were those who let it go, and even spoke out with the aim of defending the president, or to point out the fact as particularly humble.

Such was the case of David Páramo, who calls himself the father of higher analysis. Through his most recent intervention on Ciro Gómez Leyva's program on Imagen Televisión, he assured that everything ended up being “a fun topic”.

“In the morning the president said that he raised the interest rate by half a point and from there, to tear his garments all the 'fifixage'. There was no shortage of those who said that the meeting had to be repeated with another monetary policy decision. Maybe the president sinned of lack of information,” he began to explain.

But after going out to apologize to the press to calm the criticism, Páramo considered the situation a “fun matter”, but one that ultimately distracts us from more important economic things.

“Nobody took advantage, 80% of respondents said it would go up half a point, I published this morning that I would go up half a point. It ends up being fun to see how some of them tear their garments, wind themselves off the roof, worried, when it was a failure of form, not a failure in the background,” concluded the economic analyst of Imagen Televisión.

During his traditional talk with the media at Palacio Nacional, the head of the Federal Executive “overtook” the Bank of Mexico and pointed out that, unanimously, decided to increase the interest rate by 50 basis points, which puts it at 6.5 per cent.

“Yesterday, here in Mexico, the Bank of Mexico increased the interest rate .50 (percent). We are going to have an interest rate of 6.5%, because when interest rates rise there is less investment and inflation is supposed to fall. It is a control mechanism,” he said in the Treasury Hall.

In addition, he added that when he took office as head of the Presidency of the Republic, the interest rate was 8% and caused it to drop to 4%.

President Andrés Manuel López Obrador (AMLO) offered an apology to the governor of the Bank of Mexico (Banxico), Victoria Rodríguez Ceja, as well as to the deputy governors and members of the Governing Board for having announced the increase in the country's interest rate before the financial institution during this Thursday's morning conference.

Speaking at the 85th banking conference of the Mexican Banking Association (ABM), held in Acapulco, Guerrero, the Mexican president indicated that he received the news during the night of Wednesday, March 23, so he thought it was already public and asserted that his intention was never to override Banxico's autonomy.

“I thought it had already been made public and this morning I talked about it, but I want to reaffirm my commitment to respecting the autonomy of the Bank of Mexico,” said the Mexican president.

On the other hand, he stressed that when he assumed his position as head of the Presidency of the Republic, the interest rate was 8% and caused it to fall to 4%.

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