Published On: Fri, Dec 2nd, 2016

Mexico central bank chief to quit amid worries about Trump

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Mexican Central Bank Governor Agustin Carstens will stand down in July amid rising doubts about the direction of Latin America’s No. 2 economy following the election of Donald Trump as U.S. president, Reuters reported.

The central bank on Thursday announced the impending departure of the 58-year-old Carstens, who has been at the helm of the central bank since 2010 and whose term had been due to conclude at the end of 2021.

Carstens, a former Mexican finance minister and highly respected by international investors, will leave to take the top job at the Bank for International Settlements (BIS) in October for a five-year term, the Basel-based BIS said.

Bank of Mexico head Agustín Carstens. (PHOTO:

Bank of Mexico head Agustín Carstens. (PHOTO:

The peso currency MXN=D2, which has been battered by fears surrounding the Trump presidency, weakened more than 1 percent hitting its lowest since mid-November in the aftermath of the election, on the news that Carstens was leaving.

The peso later pared losses to trade down about 0.8 percent.

Carstens’ replacement was not immediately clear, though Mexican Finance Minister Jose Antonio Meade said there would be an orderly transition.

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