(Bloomberg) -- Mexican President Claudia Sheinbaum nominated Jose Gabriel Cuadra Garcia to the central bank’s five-member board, according to a document seen by Bloomberg News.
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The nomination of Cuadra Garcia, currently director of the bank’s Economic Studies Department, must be approved by the Senate, where the ruling party holds a large majority. The board has an empty seat since Dec. 31, when the term of Deputy Governor Irene Espinosa ended.
The Senate’s Finance Committee received on Feb. 1 the government proposal, according to the document.
Spokespeople for the government and finance ministry didn’t immediately reply to a request for comment.
Mexico’s central bank has cut rates for its past four meetings, bringing it down to 10%, as inflation slows. Banxico, as the central bank is known, could make larger cuts at the year’s first monetary policy meetings, according to its 2025 monetary program report.
Espinosa was regarded as one of Banxico’s most hawkish members.
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