The Mexican peso fell more than two percent on the news, and the benchmark index slid nearly 1.5 percent.
The latest solutions in the field of economic politicians peso, the national currency of Mexico, fell more than 2%, reports TASS.
Lopez Obrador, an anti-establishment figure who came to power past year vowing a pro-austerity and anti-corruption drive, accepted Urzua's resignation. "I see that there has been a slowdown on a global level but we are very, very far from thinking that we are close to a recession", Herrera told reporters, in his first press conference since being named finance minister.
"(Herrera) is a well-known figure with good dialogue with market participants and is not perceived as a ... dogmatic individual", said Alberto Ramos, head of Latin American research at Goldman Sachs.
Urzua also worked with Lopez Obrador from 2000 to 2003 when he was Mexico City mayor.
"There have been many discrepancies in economic matters", Urzua wrote on a Twitter post, adding that decisions by Lopez Obrador's government on matters of public administration have lacked substance.More news: Every free NES game added to Nintendo Switch Online in July 2019
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In Urzua's resignation letter, he cited problems with other members of the government as one reason for leaving.
The Minister of Finance and public credit of Mexico Carlos Ursua filed a petition of resignation.
Mexican president appointed finance undersecretary Arturo Herrera as the new minister following Urzua's resignation.
"We are committed to changing economic policy that has been imposed for the past 36 years", Lopez Obrador said.
"We believe there will be economic growth, that we will progress in the country by fighting corruption and ... with a policy of austerity", the president said.