Mexico ends dollar sales for three months

Mexico's central bank, Banco de Mexico, announced today that it will not sell dollars in the third quarter of 2007.

According to the statement on its website, the central bank said there was no need to sell the greenback, as it did not accumulate international reserves during the last three months.

The Banco de Mexico introduced a new system in 2003 based on daily auctioning dollars whereby it reduces its holding of foreign reserves. The central bank does not want to accumulate dollar assets,