Regulatory Alerts2023-04-12 | Circular 3/2023Added · Updated
Circular 3/2023 — Modifications to Circular 14/2007 (Transition of TIIE for Terms Greater Than One Banking Business Day to the Overnight TIIE)
Circular 3/2023 modifies Circular 14/2007 to restrict the use of Interbank Equilibrium Interest Rates (TIIE) for terms greater than one banking business day as references for new credit contracts. Financial institutions are prohibited from using the 91-day and 182-day TIIE for new contracts starting January 1, 2024, and the 28-day TIIE starting January 1, 2025, though existing contracts may continue using these rates until maturity. The regulation introduces the Overnight TIIE as a new reference rate and updates provisions for substitute reference rates in both national and foreign currencies.
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