Mexico's Finance Minister Carlos Urzua quits

President of Mexico Andres Manuel Lopez Obrador

President of Mexico Andres Manuel Lopez Obrador

Following Urzua's resignation, Lopez Obrador quickly named well-regarded deputy finance minister, Arturo Herrera, to replace him.

"These convictions did not resonate during my tenure in this administration", Urzua said.

The peso lost 1% to 19.1215 per dollar at 11:56 Mexico City.

In Urzua's resignation letter, he cited problems with other members of the government as one reason for leaving. "Some of them happened because in this administration, public policy decisions were made without sufficient foundation".

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

Mexico would not stray from a commitment to run a primary budget surplus of 1 percent set by former minister Carlos Urzua and would probably set a similar target for next year, Herrera said.

Despite his comments on fiscal discipline, Herrera made clear he was also on board with Lopez Obrador's expansive infrastructure plans, and vowed to stay in the post until asked to leave. This was announced on Tuesday, the President of the Latin American countries, Andres Manuel Lopez Obrador.

"He (Urzua) doesn't agree with the decisions we're taking and we're committed to changing the economic policy that was imposed over the last 36 years", Lopez Obrador said in a video. "We can't put old wine in new bottles". Articles appear on for a limited time.

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