Regulatory Alerts2014-12-08 | Circular 19/2014Added
Circular 19/2014 — Modifies Circular 47/2008
The Bank of Mexico modifies section 3 of Circular 47/2008 regarding the minimum bid price for US dollar auctions to provide market liquidity. Effective December 9, 2014, the minimum bid price is calculated by multiplying the previous business day's official exchange rate by a factor determined by the Exchange Commission, or by the weighted average price of previous sales if sales occurred on the immediately preceding banking day. This modification reactivates the auction mechanism suspended in April 2013 for credit institutions.
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