The president of the Employers’ Confederation of the Mexican Republic (Coparmex), Jose Medina Mora, assured that it’s essential to discover a answer to the alternate of foreign money in money with out violating the autonomy of the Financial institution of Mexico and dangers the establishment to seize cash of illicit origin.
Throughout his speech within the open parliament organized by the Chamber of Deputies to debate the reform initiative to the Financial institution of Mexico Legislation (Banxico) by way of attracting overseas foreign money, the pinnacle of Coparmex indicated that this violates the central financial institution, so it’s mandatory to determine goals to enhance the dealing with of money for migrants and what’s obtained from tourism.
Medina Mora reiterated that if the reform is accepted within the established phrases, the Financial institution of Mexico may purchase {dollars} of illicit origin, so if the {dollars} acquired by the Financial institution are linked to an investigation by nationwide or worldwide authorities, the transactions of the financial institution might be prohibited. central financial institution overseas, freeze worldwide reserves, and even confiscate them, thereby, you would cease every day actions carried out by the physique to satisfy its goal: protect the buying energy of the peso.
“There’s a danger that the Financial institution of Mexico will purchase cash of illicit origin and turn out to be a part of the nation’s worldwide reserves. Worse nonetheless, the proposal would additionally ponder that the central financial institution acquires the cash in {dollars} seized by the Federal Authorities from illicit actions. The outcome might be a reputational harm to probably the most related establishment for the macroeconomic and monetary stability of the nation ”.
On this sense, he agreed with the legislators that it’s mandatory to present particular consideration to migrants and vacationers who obtain much less cash for exchanging their currencies from {dollars} to Mexican pesos; nonetheless, he stated, this case should be resolved straight, not via a reform that may be oblique to the Financial institution of Mexico.
“As a substitute of this reform of the regulation, mechanisms ought to be sought to assist migrants change their {dollars} safely, rapidly and with out lack of worth. The answer may lie in the opportunity of extending the binational agreements to simplify the procedures and rules that at present make it troublesome to repatriate surplus {dollars} that Mexican banks have, with their correspondents in our neighboring nation ”.
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