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Mexico's state mortgage lender Infonavit to cut costs by 719M pesos

Mexico's state mortgage lender Instituto del Fondo Nacional de la Vivienda para los Trabajadores has approved measures aimed at cutting 719.9 million pesos from its running costs, the entity's general director, Carlos Martínez Velázquez, announced on Twitter.

According to a series of tweets, the state-run company will cut its operations cost by 14%, while also trimming administration and surveillance expenses.

In addition, directors with salaries that exceed the salary of Mexican President Andrés Manuel López Obrador have pledged to donate the surplus to the rebuilding of infrastructure which was damaged in the earthquakes that struck the country in September 2017.

The move comes as the new president, commonly known as AMLO, has promised to downsize what he has identified as a top-heavy government with a series of austerity measures that will decrease administration costs for top-level state officials. The government has also launched a plan that will impede public employees to have a larger salary than the president.

Meanwhile, Infonavit appointed Bernardo Altamirano Rodríguez as deputy general director of portfolio management, Gustavo Rivera Loret de Mola as deputy communications officer and Luis Enrique Marín Bañales as general coordinator of tax collection.

As of Jan. 7, US$1 was equivalent to 19.32 Mexican pesos.