Judicial reform, “with opportunity to be corrected in the Senate”: ABM

Mexico City. The banking sector believes a reform of the judicial branch is necessary, but the one that was recently approved can still be improved, so the Senate still has the opportunity to “correct certain errors,” said Julio Carranza Bolívar, president of the Mexican Banking Association (ABM).

He said that despite the uncertainty surrounding the eventual approval of the reform to the Judicial Branch, which the deputies approved early Wednesday morning in general and in particular, “Mexico will not stop.”

“We support judicial reform because we believe that this country needs it. The question is, what is this judicial reform? We have to take care of many aspects of the first initiative that was sent to Congress and what was revised? More than 100 corrections were made, and the opinions of many people were taken into account.

“Something we have to say, which is very important, is that the president-elect has encouraged dialogue and an open parliament, but there are still issues that are clearly of concern to all of us. Of course, how will the election process be? There are a very large number of people who have to vote in the elections proposed for 2025 and 2027,” said the representative of the banking union.

He said that the bench advocates for the existence of “an adequate filter in which the experience and the journey that each judge has made prevail.”

Once the initiative was approved by the House of Representatives in general and in particular, Carranza Bolívar pointed out that now that it is in the hands of the Senate, it “has the opportunity to review many of the things that have been said, not only by the banks, but by the entire business sector in Mexico, but we are all attentive to see what happens, there will also be secondary rules where we can take advantage of the opportunity to fine-tune many of these details.”

“It is very important that legislators continue to be open and that they continue to listen to the risks that we, as businessmen, consider and that we listen to the market so as not to have surprises later,” he stressed.

Mexico is not going to stop

The president of the ABM added that “in times of volatility, we have a floating exchange rate system and that allows us to adapt to these changes and situations that are sometimes worrying and are resolved over time, let’s remember where we come from, when President Andrés Manuel López Obrador arrived the exchange rate was 21 pesos, when Trump arrived in the United States it rose to 25, then it fell to 16.30, and today we hit 20 pesos.

“Obviously the volatility of the exchange rate means something, we have to pay attention to what the market is telling us, but it does not mean that Mexico is going to stop, Mexico is going to move forward, we have a very large country and a geographical opportunity that very few countries in the world have,” he told the media after participating in the National Week of Financial Education (SNEF).

He also emphasized that our nation is part of the United States-Mexico-Canada Agreement (T-MEC), a trade agreement that “represents 28 percent of the world’s GDP. We have great opportunities there. The opportunities will not stop as long as we Mexicans know how to take advantage of them.”