MEXICO CITY (Reuters – On Tuesday, the former finance minister was tapped as the next chief of Mexico’s central bank. He said that President Andres Manuel Lopez Obrador had changed his mind. This cast doubt on the future direction of the Bank of Mexico.

A senior lawmaker claimed Arturo Herrera had been removed from the list. The former minister then issued a statement confirming that Lopez Obrador had told Lopez Obrador last week that he had “decided not to reconsider” his nomination as bank head.

Herrera, who is still the finance minister, was chosen in June to succeed Alejandro Diaz de Leon as Bank of Mexico Governor. His term ends at 2021.

Lopez Obrador’s office and the Finance Ministry didn’t immediately reply to inquiries for comment.

Ricardo Monreal (the Senate leader for Lopez Obrador’s leftist National Regeneration Movement, MORENA) said that the decision by the president to withdraw the nomination had been made in August and that Herrera could still be considered for the top bank job.

One Mexican official however said the possibility now seemed unlikely after an unusually abrupt withdrawal announcement.

Herrera and Monreal did not explain why Herrera’s former name was withdrawn.

Monreal stated that there is still time for the Senate this year to approve the person who has been proposed to be the head of the Senate.

Mexico’s traditional autonomous central bank head holds the power to control borrowing costs and manage inflation. This has happened steadily in this year, exceeding its 3% target.

Investors could be rattled by the unexpected twist in events regarding the succession of central banks may worry about politicization of the authority. The governor of this institution has been known to straddle the terms of previous presidents.

Rogelio RAMIrez de la O, the finance minister, took office in July following Herrera’s nomination. This was a smooth transition for top economists.

As market expectations continue to rise that the U.S. Federal Reserve might raise interest rates next, the Mexican peso fell on Tuesday. It was at its lowest level since March.