Citibanamex, Citigroup Inc.’s Mexican unit, warned that leftist candidate Andrés Manuel López Obrador’s “probable victory” in the country’s July 1 presidential election would likely be followed by slower growth, higher inflation and a weaker peso.
“By 2022, the difference would be 0.7 percentage points [in GDP growth], the peso would be 19% weaker compared to the [US] dollar and inflation would be 23% higher,” Citibanamex’s Chief Economist Sergio Luna wrote in an 11-page note on April 20 entitled The April Paradox.
Originally known as Banco Nacional de Mexico, or Banamex, Citibanamex is Mexico’s second-largest bank after BBVA Bancomer. Mexican billionaire Roberto Hernández Ramírez is Citibanamex’s…
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