Since the beginning of the six-year term, the Afores have remained under the microscope. Quantity of analysis. A single State entity was even considered, which was discarded due to the risk to financial confidence.
Obviously when digging the SHCP already with Rogelio Ramírez de la O found 18.1 million accounts forgotten by workers. It’s not that they were a secret, already in the past with José Antonio Meade In the SHCP there was a glimpse of using them.
It wasn’t illegal. They have a 10-year statute of limitations, but there was resistance within the government. Go in Consar with Carlos Ramirez everything was done to execute slowly.
Already before in 2002 with Agustín Carstens Poorly documented workers’ pensions were detected in the Treasury. Then their pulse did not tremble and these funds were used to create the FND.
Hence after Andrés Manuel López Obrador launched in February the constitutional proposal to guarantee pensions at 100% of the last salary, SHCP did its job and fell into the same resource: the “forgotten accounts”, although now in addition to the Afores those of Infonavit and ISSSTE were included.
On this occasion there will only be adjustments to five secondary laws. It was assigned to Ignacio Mier parliamentary leader of Morena, but the matter comes from the executive. It is striking that there is talk of up to 40,000 million pesos, when in 2022 the figure that Consar managed with Ivan Pliego It was 54,000 million pesos.
Technically, as AMLO said, the Afores are not affected, but the measure will generate distrust because private resources are taken to a collective fund. Furthermore, the prescription in the Afores to use these funds in the future is lowered from 10 to 5 years.
There is no doubt that three weeks before the electoral period expires the matter will move forward, especially since the political time is unbeatable seven weeks before the elections. With the new Welfare Fund, many workers will receive higher pensions at the expense of colleagues who, due to a lack of financial culture, never found out about those monies.
Obviously they are the heart of the political issue since the Institute to Return the Stolen to the People that AMLO mentioned is symbolic (he has no money) and the profits from the Mayan and Mexican Train will never arrive.
So “it rains in wet” for the Afores.
MEXICO IS THE 2ND COUNTRY IN THE WORLD THAT REWARDS THE MOST INVESTORS
Yesterday the peso once again showed its strength by trading above 16.40 per dollar, after learning of the reluctance shown by inflation in the US, which weakened the dollar. However, a nodal factor that affects the situation of our currency is the high rates that Banxico maintains and that floods the country with dollars. The SHCP of Rogelio Ramírez de la O He has already questioned monetary policy, which obviously ends up making internal debt more expensive. Today Mexico is the second country that best rewards investors on the planet. The actual rate paid is 6.6%. Only Russia surpasses us with 8.3%, although the situation of the country governed by Vladimir Putin. So there is room for Banxico to Victoria Rodriguez.
CITI SEES UNCERTAIN CONGRESS AFTER ELECTION AND OPTION FOR PRAGMATISM
And in an analysis about Mexico that Citi de Jane Fraser just spread, it is clear that according to the polls, Morena will win the presidency on June 2. Around Congress, the bank’s experts observe an uncertain scenario. In the diagnosis, 2 immediate narratives are visualized: one optimistic due to “nearshoring” and another negative one with political and institutional imbalances that advance inertially. It is estimated that the change of government may provide an opportunity to generate “more pragmatic policies” and the increasingly weak fiscal situation is highlighted. Interesting.