Delay powered peso rally U.S. warned Bank of Mexico reform could endanger bilateral transactions (Adds comment from official, details)
MEXICO CITY, Dec 15 (Reuters) - Mexican lawmakers on Tuesday agreed to overhaul a new central bank bill that shook confidence in the country’s financial system, and which authorities warned could force the bank to add laundered drug money to its reserves.
In a move that boosted the peso currency, the lower house of Congress put the brakes on the bill’s approval process after critics ranging from the Bank of Mexico (Banxico) to the United States, ratings agencies and even members of the government said it could undermine Mexico’s financial credibility.
News Monreal, left, author of the bill and Salinas, the only banker who would benefit from the measure.
Debate of controversial bank bill postponed until February Finance minister says implications of law had not been analyzed
Published on Tuesday, December 15, 2020
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The lower house of Congress has postponed debate and a vote on controversial legislation that would force the central bank to buy up all foreign cash that commercial banks can’t trade or sell abroad.
The Senate passed the bill last Wednesday and lower house lawmakers were expected to debate the bill and put it to a vote on Tuesday, the final sitting day of the year.