Circular 62/2008 — Modifies Circular 2019/95

2008, Year of Physical Education and Sports

CIRCULAR 62/2008

Mexico, D.F., December 9, 2008

TO MULTIPLE BANKING INSTITUTIONS:

SUBJECT: DEPOSITS IN UNITED STATES DOLLARS.

The Bank of Mexico, based on articles 28 of the Political Constitution of the United Mexican States, paragraphs sixth and seventh; 7, fractions VII and X, 8, 14 and 24 of the Bank of Mexico Law; 22 of the Law for Transparency and Regulation of Financial Services; 8, paragraphs third and sixth, 12 in relation with 19 fraction IX and 17 fraction I of the Internal Regulations of the Bank of Mexico, which provide for the attribution of the Bank of Mexico to issue provisions, through the General Directorate of Central Bank Operations and the Directorate of Central Bank Regulations, respectively; Unique of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, fractions I and IV, with the objective of promoting the sound development of the financial system, has resolved to modify the characteristics of the dollar deposits it receives from these institutions regarding the interest rate, reforming for this effect numeral M.71.21.6, first paragraph, of Circular 2019/95, to read as follows:

M.71.2 CASH DEPOSITS IN FOREIGN CURRENCY AT THE BANK OF MEXICO

M.71.21. DEPOSITS IN UNITED STATES DOLLARS.

“M.71.21.6 The Bank of Mexico will pay interest monthly on the daily balance that institutions maintain in the account called US Dollar Deposits of Multiple Banking payable abroad, at the annual interest rate resulting from subtracting 1/8 of a percentage point from the average daily interest rate that the Bank of Mexico obtains from its investments in international markets in deposits denominated in 'overnight' United States Dollars or zero. The rates will be communicated to the institution in the respective statement.

. . .”

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TRANSITORY

SINGLE. This Circular will enter into force on December 9, 2008.