Regulatory Alerts2008-10-08 | Circular 47/2008Added
Circular 47/2008 — U.S. Dollar Sale Auctions
The Bank of Mexico mandates daily U.S. dollar sales auctions for credit institutions, with a total daily volume not exceeding USD 400 million. Bids must meet a minimum price threshold set at 1.02 times the official exchange rate or the previous day's weighted average sale price. The document establishes procedures for traditional and interactive auctions, including submission windows, allocation methods based on descending prices, and the irrevocable nature of bids. Transitional provisions authorize specific larger auctions totaling USD 2.5 billion with modified schedules and pricing rules.
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