Iván Martínez Urquijo
Iván Martínez Urquijo
Principal Economist
Mexico City

Iván Martinez Urquijo is Principal Economist in the Banking and Financial System Unit. He is in charge of analysing the dynamics of Mexico’s banking system deposits and credit portfolios and monitoring the performance of the main institutions of the Mexican financial system.

Previously, he worked at BBVA Research Macroeconomic Analysis team as a Senior Economist. In this position Ivan was in charge of monitoring financial markets and performing analysis on monetary policy, exchange rate and interest rates.

Before joining BBVA, Ivan worked as a Senior Analyst at the Financial Investment Unit of the Mexican Institute of Social Security (IMSS), a department in charge of the asset allocation of Insitute’s reserves and pension fund resources.

He holds a BSc in Economics and a MSc in Finance from ITAM. At present he is in the process of earning the CFA certification.

Latest publications

In November 2022, the nominal balance of the current credit portfolio granted by commercial banks to the non-financial private sector (NFPS) grew at an annual rate of 12.8% (4.7% real), while traditional bank deposits (sight + term) exhibited a nominal variation of 7.5%YoY (-0.3% real).
According to the Financial Stability Report (Banxico) and the Analysis on the Stability of the Mexican Financial System (IMF), the most relevant risk to the Mexcian financial system is that of additional and sustained tightening of financial conditions in a context of high inflation and lower prospects for economic growth.
The momentum of the credit to the private sector lingered in October underpinned by the highest monthly growth of the credit card balance since 2013. The composition of bank deposits is leaning towards term deposits as interest rates remain high and economic activity has surprised to the upside recentley.