Regulatory Alerts2018-07-17 | Circular 9/2018Added
Circular 9/2018 — Modifies Circular 34/2010 (Foreign Currency Charges with Credit Cards)
Circular 9/2018 amends the Credit Card Rules in Circular 34/2010 to require that foreign currency charges on credit cards be settled in national currency using a specific exchange rate calculation. For US dollar transactions, the charge cannot exceed the transaction amount multiplied by 1.005 times the Bank of Mexico's FIX exchange rate. For other foreign currencies, the rate is derived via authorized price providers or, if unavailable, from non-related market sources, with a mechanism for issuers to request alternative rates from the Bank of Mexico. These rules apply to multiple banking institutions and multiple-object financial societies regulated by the Bank of Mexico that maintain equity links with credit institutions.