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October 2008 - Extraordinary auctions of US dollars

On October 8, 2008, the Foreign Exchange Commission, composed of officials from the Ministry of Finance and Banco de México, and which is responsible for Mexico's foreign exchange policy, announced the following actions due to the prevailing uncertainty and lack of liquidity in the foreign exchange market:

USD 2.5 billion will be auctioned that same day. Regarding this amount of USD 2.5 billion, Banco de México allotted USD 998 million at a weighted average exchange rate of MXN 12.0159 per USD and the remaining USD 1.502 billion the following day at a weighted average exchange rate of MXN 12.0794 per USD.

Additionally, on October 10, 2008, and in light of the prevailing market conditions, the Foreign Exchange Commission decided to carry out two extraordinary auctions for USD 3 billion each, allotting their full amounts at a weighted average exchange rate of MXN 12.8623 per USD the first one, and MXN 12.7561 per USD the second one. Further, by agreement of the Foreign Exchange Commission, Banco de México announced on October 16, 2008 an additional auction for USD 1.5 billion at a weighted exchange rate of MXN 12.9565 per USD and one more for USD 1.0 billion, on October 23, at MXN 13.1877 per USD.

See historical series: Extraordinary auctions of US dollars