Mexico's Finance Minister Carlos Urzua quits

USDMXN: Peso Falls as Mexico’s Finance Minister Suddenly Resigns

"I am convinced that any economic policy must be implemented based on evidence, being careful about the various effects that it may have and free of all extremism, be it right-wing or left-wing", Urzua said. "However, these convictions did not resonate during my tenure in this administration". "This was motivated by influential figures of the current government with a patent conflict of interest", he said. He did not give more details.

The latest solutions in the field of economic politicians peso, the national currency of Mexico, fell more than 2%, reports TASS. Both recovered a little after Lopez Obrador quickly promoted Deputy Finance Minister Arturo Herrera to the top job.

Seeking to further soothe nerves, Herrera said that he did not think Mexico's first-quarter economic contraction would herald a recession. "This administration made decisions without sufficient grounds".

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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.

Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.

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. This was announced on Tuesday, the President of the Latin American countries, Andres Manuel Lopez Obrador. "We can't put old wine in new bottles".

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