Mexico is experiencing a boom in tourism, Los Cabos a benchmark: Jonathan Heath Deputy Governor of the Bank of Mexico

Jonathan Ernest Heath 1

From the IV Tourism Forum organized by the Mexican Institute of Finance (IMEF) Baja California Sur chapter and held at the Westin Hotel on June 2, 2023, the deputy governor of the Bank of Mexico (Banxico) Jonathan Heath expressed his perspective regarding the tourist destination of Los Cabos, mentioning that Mexico has presented a "boom" in the tourism issue: "we have had a very important surplus that we had not seen before and Los Cabos is a central part, a very important part within that tourist surplus, within this boom that we are experiencing”, he opined.

Along the same lines, the deputy governor of Banco de México mentioned that it is important and necessary to plan within the accelerated growth that has been maintained, take advantage of the potential and take care that this growth is not too fast: "in the very short term it seems something very good, but suddenly it can create bottlenecks that must be avoided”, he mentioned.

Regarding the interest rates that have increased year after year in the country, due to the complexity of the inflationary phenomenon that is going through globally, Jonathan Heath explained that it will not be necessary to continue increasing the rates, since they are at advanced levels, For this reason, the idea is to allow monetary policy to operate: "we must remember that monetary policy works with lags, right now we have a high rate, we must leave it there and wait for it to work, to operate and for inflation to go down little by little ” he mentioned, at the same time that he accepted that exports, commercial exchange, tourism and other elements that make up the alliances with the main commercial partner of Mexico, the United States, are displayed.

Another important topic was that of foreign exchange and that is, in recent years they have been one of the great precursors of the strengthening of the peso in the country, to which Jonathan Heath explained that there has been a structural change in the use and sources of foreign currency. in the Mexican economy: “we have already exceeded 60 billion dollars in the last 12 months, there has also been a tourist surplus, there have been changes, we are no longer a net oil-exporting country, we already import oil… portfolio capital flows it already plays a less important role than before, before foreigners had more than 36 - 37 percent of the total holding of the Mexican public debt, now they don't even have 15" he said about the "super weight" which is only one of the factors that play within the economic role of the country.

Jonathan Heath stands out for his extensive experience in macroeconomic and political-monetary analysis which, together with the members of the Banco de México's governing board, has allowed for in-depth perspectives on the autonomy of Banco de México within the Mexican economy, which , assured within this IMEF 2023 Tourism Forum, it remains as before, since Banxico is an organization that has budgetary autonomy and by not depending on the treasury, the decisions made within the organization have made it possible to verify that its operation is strengthened in total autonomy and freedom.

Jonathan Ernest Heath 2

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