Bank of Mexico sounds alarm over draft law

Bank of Mexico

The upper house of Mexico’s parliament voted for a draft law forcing the central bank to buy outstanding US dollars that commercial banks cannot return abroad.

The law would apply only to US dollars that were physically deposited as cash.

In an uncharacteristic measure, the Bank of Mexico issued a report harshly criticising the proposed legislation. The central bank warned the bill would damage its independence and imperil the country’s international reserves.

The alliance of lawmakers

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