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Mexico Finance Minister Urzua quits, Herrera named successor

11 July 2019

Mexican President Andres Manuel Lopez Obrador said on Wednesday that former Finance Minister Carlos Urzua, who resigned on Tuesday, had differences with the president's chief of staff and businessman Alfonso Romo, among other issues.

Investors have anxious about Lopez Obrador's policy direction since he cancelled a major airport project before taking office, and the government has clashed with businesses on a number of occasions.

Mexican president appointed finance undersecretary Arturo Herrera as the new minister following Urzua's resignation.

"There were a lot of discrepancies in economic matters", the letter read.

"I am convinced that all economic policy should be enacted on the basis of evidence, taking care of different potential effects and that it is free from all extremism, be it from the right or left", he said.

The latest solutions in the field of economic politicians peso, the national currency of Mexico, fell more than 2%, reports TASS. "It's been the fault of influential people from the government, in the case of which an obvious conflict of interest", said Ursua.

However, he was seen by markets as a moderate whose commitment to fiscal discipline was a bright spot in the administration of Lopez Obrador, which has frequently buffeted markets with surprise policy decisions.

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

Mexico Finance Minister Urzua quits, Herrera named successor