Monday, January 25, 2021
Home Breaking News Reform project would only transfer commercial bank problems to Banxico: Arturo Herrera

Reform project would only transfer commercial bank problems to Banxico: Arturo Herrera


#He #Secretary of #Finance and #Public #Credit, #Arturo #Herrera, rejected this #Wednesday, #December 30, a controversial reform project to the #Bank of #Mexico law (#Banxico) that would endanger the autonomy of the issuing entity by forcing it to buy foreign currency that commercial banks cannot enter into #Finance system.

#Defenders of the bill, approved by the #Senate in early #December, argued that it would help #Mexicans with limited access to the financial system, such as migrant families and hotel workers, who are paid in dollars.

“The only thing this proposal was going to do is transfer the problem that these commercial banks had to the central bank, because the central bank would have had the same problem: how to export these dollars,” #Herrera told #Reuters in an interview at its offices.

- Advertisement -

#Following approval in the #Senate, the legislators of the #Chamber of #Deputies They agreed to review and postpone discussion of the initiative.

#Herrera said that 99.3% of remittances arrived in #Mexico through formal financial channels.

“#If it is a 0.7% problem, it is a problem that we can solve through operational mechanisms (…) and it does not necessarily involve making a change to the #Bank of #Mexico law,” the official considered.

The governor of the central bank, #Alejandro #Diaz de #Leon, had warned that the bill could force the entity to absorb money from drug cartels and tarnish its name before international authorities, as well as threaten its autonomy.





[ source link ]
https://www.eleconomista.com.mx/economia/Proyecto-de-reforma-solo-traspasaria-problemas-de-bancos-comerciales-al-Banxico-Arturo-Herrera-20201230-0078.html

##Reform #project #transfer #commercial #bank #problems ##Banxico ##Arturo ##Herrera

- Advertisement -
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments