Victoria Rodríguez Ceja

Victoria Rodríguez Ceja became Governor of Banco de México (Banxico) in January 2022, making her the first woman to lead Mexico's central bank. She previously served as Undersecretary of Expenditure at the Ministry of Finance, bringing a fiscal policy perspective to the role. Her appointment came at a critical juncture — just as global inflation was accelerating and major central banks were beginning tightening cycles. Under Rodríguez Ceja, Banxico raised its benchmark rate from 5.5% to 11.25%, one of the highest policy rates among major economies. This aggressive stance, combined with Mexico's nearshoring boom driven by companies relocating supply chains from China, transformed the Mexican peso into one of the strongest performing EM currencies and made Mexican government bonds (MBONOs) a magnet for carry trade capital. The wide interest rate differential with the US attracted billions in portfolio inflows. Her policy challenge is multidimensional: maintaining the inflation-fighting credibility that supports the peso while beginning to ease rates without triggering capital outflows; navigating the fiscal implications of large social spending programs under President López Obrador and successor Claudia Sheinbaum; and ensuring that Banxico's institutional autonomy remains intact. Her rate decisions and forward guidance directly set the trajectory for MBONO yields, the peso exchange rate, and Mexico's standing as the premier EM carry trade destination.