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LatinNews Daily - 30 July 2020
In brief: Mexico extends dollar swap line with US
* Mexico’s central bank (Banxico) has extended its temporary US dollar liquidity swap line with its US counterpart, the Federal Reserve (Fed), to 31 March 2021. The arrangement, originally valid until 31 September and worth up to US$60bn, was set up by the Fed on 19 March with the aim of easing tension in global dollar-denominated finance markets caused by the onset of the coronavirus (Covid-19) pandemic. Banxico’s statement follows an announcement from the Fed that it would extend all such emergency swap lines, which it also holds with Australia, Brazil, South Korea, Singapore, and Sweden. Any use of the swap line in Mexico is subject to guidelines outlined by the exchange commission, the country’s exchange policy body which comprises top-level officials from Banxico and the finance ministry.
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