Mexican Finance Minister Rogelio Ramirez de la O stepped down on Friday in a widely expected move and was replaced by his deputy Edgar Amador, who vowed to maintain financial and economic stability.

Mexican Finance Minister Rogelio Ramirez de la O has stepped down, two sources familiar with the matter said on Friday, having been appointed by the country's previous president. In June last year, Ramirez de la O sought to reassure investors and said he would stay in his current role with the incoming government of President Claudia Sheinbaum to reduce public debt and maintain financial discipline.

Mexico Finance Minister Rogelio Ramirez de la O has stepped down after more than three years as the country’s top budget official, President Claudia Sheinbaum announced in a video posted to social media Friday.