Regulatory Alerts2020-08-19 | Circular 30/2020Added · Updated
Circular 30/2020 — Modifies Circular 20/2020
The Bank of Mexico modifies the rules for providing resources to credit institutions to channel credit to micro, small, and medium-sized enterprises (MiPyMEs) and individuals affected by the COVID-19 pandemic. The amendment updates definitions for Eligible Currency and MiPyME, specifically setting the MiPyME employee limit at 250 and the principal amount cap at 50 million pesos. It establishes application procedures for withdrawing Monetary Regulation Deposits or conducting repo operations, requiring institutions to specify disbursement schedules, target proportions for MiPyME and individual loans, and limits on lending to companies where employee counts cannot be verified. Institutions must use the assigned resources exclusively for new financing or restructuring for MiPyMEs and specific consumer loans for individuals, with failure to utilize previously granted resources for these purposes resulting in the rejection of future withdrawal requests.
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