Circular 5/2009 — Amends Circular 47/2008

CIRCULAR 5/2009 Mexico, D.F., March 5, 2009. TO CREDIT INSTITUTIONS: SUBJECT: AUCTIONS FOR THE SALE OF UNITED STATES DOLLARS.

The Bank of Mexico, based on Articles 28, sixth and seventh paragraphs, of the Political Constitution of the United Mexican States; 7th, fraction X, 8th, 14th, and 24th of the Bank of Mexico Law; 22nd of the Law for Transparency and Orderly Regulation of Financial Services; 8th, third and sixth paragraphs, 17th, fraction I, and 19th, fraction IX of the Internal Regulations of the Bank of Mexico, which provide for the attribution of the Central Bank, through the Directorate of Central Banking Provisions and the Directorate of Operations, respectively, to issue provisions, as well as the Sole, fractions I and IV, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, in compliance with the agreement of the Exchange Commission made known today to establish a mechanism to guarantee that a significant portion of the projected accumulation of international reserves is sold in the foreign exchange market, in order to foster orderly conditions in said market, and with the objective of promoting the sound development of the financial system, has resolved to decrease the amount of auctions for the sale of United States dollars (US dollars) with a minimum price, modifying paragraphs 1 and 4, second paragraph, of the provisions contained in Circular 47/2008 dated October 8, 2008, to read as follows:

“1. CALL FOR AUCTIONS The Bank of Mexico will call for up to three auctions for the sale of United States dollars (dollars) on every banking business day, the combined amount of which may not exceed three hundred million dollars. The calls will be made known through the Bank of Mexico Account Holder Attention System (SIAC-BANXICO) and will contain the type of auction to be held, as well as the other characteristics of the auction in question.”

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“4. SUBMISSION OF BIDS . . . In the event that a partial allocation of the amount of dollars auctioned is made in the first auction, the quantity to be auctioned in the second will be equal to the difference between three hundred million dollars and the allocated amount. If a partial allocation of this amount is made in the second auction, the quantity to be auctioned in the third will be the remainder. . . . ”

TRANSITIONAL PROVISION SOLE. This Circular shall enter into force on March 9, 2009.