Alfonso Gurza is Principal Economist in the Mexico Regulation team, in charge of monitoring and analysing regulatory developments and of the Regulatory Committee of BBVA MX.
He holds a BSc in Economics from Mexico’s National Autonomous University and a MSc in Regulation from the London School of Economics.
Previously, he worked at the National Banking and Securities Commission (CNBV) in the development of regulatory projects for different financial sectors and took part in both national and international regulatory workgroups.
The withdrawal of Accendo banking license does not represent a risk for the stabilility of the banking system. This was confirmed by the Financial System Stability Board as it stressed that the fundamentals of the system remain sound. However, concerns about the weakness of the credit granted to the private sector prevail.
Households did not consolidate their spending pattern and increased their liquid balances again in June, while bank credit reduced the magnitude of its contraction, falling 6.1%.
May could represent a turning point in the dynamics of total credit to the non-financial private sector, with an aggregate contraction smaller than the one experienced in April and a better performance by portfolios, while bank deposits also showed signs of a change in trend in its dynamics.