Regulatory Alerts2010-06-15 | Circular 18/2010Added
Circular 18/2010 — Modification to the General Rules for Credit Institutions Receiving Demand Deposits in Foreign Currency
This circular adds a second paragraph to the General Rules governing credit institutions receiving demand deposits with or without checkbooks in foreign currency. It mandates that any constitution or increase of such deposits made through the delivery of US dollars in cash must comply with the General Provisions referenced in Article 115 of the Credit Institutions Law, as issued by the Ministry of Finance and Public Credit. The regulation applies specifically to credit institutions handling these types of foreign currency deposits. The circular enters into force on the fourth banking business day following its publication in the Official Gazette of the Federation.
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