Mexico Taps Diaz De Leon to Replace Carstens at Central Bank

Diaz de Leon joined Banxico as a deputy governor this year
Carstens to leave Banxico this week to head the BIS in Basel

Alejandro Diaz de Leon
Photographer: Susana Gonzalez/Bloomberg

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By Eric Martin and Nacha Cattan

November 28, 2017 at 10:49 PM UTC

Updated on

November 28, 2017 at 11:46 PM UTC

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Mexico’s president picked central bank board member Alejandro Diaz de Leon to become the next central bank governor, opting for an orthodox technocrat expected to safeguard the institution’s inflation mandate.

Diaz de Leon will begin his governorship on Friday for a term ending on Dec. 2021, according to a statement from President Enrique Pena Nieto. The president will still need to nominate a fifth member of the board, who will require Senate approval. Governor Agustin Carstens is departing to head the Bank for International Settlements.