Since President Enrique Pena Nieto took office last December, Mexico has embarked on a flurry of structural reforms in areas as varied as telecommunications, education, taxes and the country’s national oil industry.
Mexico’s Senate increased a proposed levy on junk food today as it passed a tax bill that reduces the nation’s dependence on oil revenue and promotes growth, according to President Pena Nieto’s administration.
Gabriel Casillas, formerly chief Mexico economist for JPMorgan Chase & Co., took the job as top economist and head of research at Grupo Financiero Banorte SAB, he said in a phone interview from Mexico City.
Mexico is on the cusp of opening its energy industry to outside investment as a wide consensus has developed that the constitution must be changed to end the government’s monopoly on production, according to a board member of state-controlled oil producer Petroleos Mexicanos.
Mexican central bank Governor Agustin Carstens said the country’s policy makers will keep buying dollars in the market as China’s refusal to let the yuan strengthen limits their ability to allow the peso to move more freely.
Mexico’s government bonds are beating stocks by the most in at least five years amid a record decline in consumer prices and concern economic growth will slow in the U.S., the nation’s biggest export market.