Regulatory Alerts2008-10-21 | Circular 50/2008Added
Circular 50/2008 — Modifies Circular 2019/95
The Bank of Mexico amends section M.71.21.6 of Circular 2019/95 to establish the interest rate calculation for U.S. dollar deposits held by multiple banking institutions. The new rule mandates that interest be paid monthly on the daily balance at an annual rate equal to the average daily interest rate from the Bank's international overnight dollar investments minus 1/8 of a percentage point. Interest is calculated by dividing the annual rate by 360 and multiplying by the daily balance, with payments credited on the first banking business day of each month for the preceding month. This modification enters into force on October 22, 2008.
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