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- Sep 30, 2011
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Armenta’s comments are the latest sign lawmakers won’t back down on a bill that has Mexico’s central bank, known as Banxico, and many economists up in arms. Detractors say the bill threatens policy makers’ autonomy and that it could jeopardize financial stability. Backers say the legislation is needed after a U.S. crackdown pushed some of its banks to sever ties with Mexican counterparts, which now cannot offload excess dollars.
“We are going to approve the law. This we want to make clear,” said Armenta, who heads the senate’s finance committee. “We cannot put the concerns of the financial system at the center of our interests while the population suffers from the problem of exchanging dollars when they return from the United States, after working and leaving their families. We have to find a balance.”
www.bloomberg.com
That is going to be another interesting development.
“We are going to approve the law. This we want to make clear,” said Armenta, who heads the senate’s finance committee. “We cannot put the concerns of the financial system at the center of our interests while the population suffers from the problem of exchanging dollars when they return from the United States, after working and leaving their families. We have to find a balance.”
Mexico Senator Says Banxico Dollar Law Will Pass in February
Mexico will likely approve a bill making the central bank the nation’s dollar buyer of last resort following changes that will ease concerns it could force the institution to take illicit funds, a top senator said.
www.bloomberg.com
That is going to be another interesting development.
