Central Banking

Fed and Bank of Mexico announce clearing system

The Federal Reserve and the Banco de Mexico on Tuesday announced a new clearing-house system that will lower transaction costs for banks handling an estimated $200bn in commercial payments and remittances each year.

Source: Financial Times

The cost of sending money between US and Mexican banks could fall dramatically after the US Federal Reserve and the Banco de Mexico yesterday announced a new clearing-house system.

The clearing house will make Mexico the second country after Canada to have a

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