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Mexico - February 2021

Alternative plan may avoid Banxico reform

Another controversial reform bill that is due to be debated by Mexico’s congress in the new period of ordinary sessions that began on 1 February is that affecting the central bank (Banxico). The initiative, approved by the senate in December 2020, would force Banxico to purchase surplus foreign currency that cannot be repatriated to its country of origin by commercial banks. The argument presented by Senator Ricardo Monreal of the ruling Movimiento Regeneración Nacional (Morena) party, who presented the bill, is that the reform would benefit people that receive remittances in cash, as well as those that depend on tourism and trade in border areas.

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