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LatinNews Daily - 31 March 2020
In brief: Banxico to activate swap mechanism with US Fed
* Mexico’s central bank (Banxico) has announced that it will hold the first auction for up to US$5bn in the local currency market on 1 April as part of a US$60bn swap mechanism established with the US Federal Reserve (Fed) on 19 March to ensure the supply the of US dollars. Banxico said the funds from the swap mechanism would be used to carry out credit auctions in US dollars with domestic credit institutions. The announcement comes as the Mexican peso continues to face significant pressure, trading at US$24.35/US$1 as markets opened yesterday (30 March), a 4.34% depreciation compared with 27 March.
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