Regulatory Alerts2003-03-28 | Circular 10/2003Added
Circular 10/2003 — Monetary Regulation Deposits
The Bank of Mexico requires credit institutions to establish monetary regulation deposits totaling 30 billion pesos, with daily deposits of 10 billion pesos on April 7, 8, and 9, 2003, allocated proportionally based on traditional national currency capture as of December 31, 2002. These indefinite deposits accrue interest starting April 7, 2003, calculated using a specific weighted funding rate formula, with payments made to the institutions' Unique Accounts. The document specifies the interest calculation methodology, including adjustments for banking holidays and procedures for determining the interest rate if the standard rate is unavailable.
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