New Mexico finance minister named

President of Mexico Andres Manuel Lopez Obrador

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.

Finance undersecretary Arturo Herrera told reporters after Urzua's resignation that Lopez Obrador would make an announcement on the replacement shortly, adding that he will stay at the ministry, without elaborating. "It's been the fault of influential people from the government, in the case of which an obvious conflict of interest", said Ursua. He did not give more details.

The Mexican peso fell over 1.3% on the news.

The Minister of Finance and public credit of Mexico Carlos Ursua filed a petition of resignation. "Some of those were because in this administration public policy decisions have been taken without sufficient substance". Herrera is well known to investors and seen as a competent economic manager.


Before the government took office on December 1, Urzua was tasked with meeting with dozens of investment funds to convey that the government was center-left, rather than leftist.

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.

Herrera, who appeared with Lopez Obrador in the video, said that Mexico is a country of enormous resources but also great contrasts.

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