Home  |  Board of Governors  |  Disclaimer  |  Español
US dollar sales

In December 1994, the Foreign Exchange Commission (composed of officials from the Ministry of Finance and Banco de México and responsible for Mexico's foreign exchange policy) agreed on a free-floating foreign exchange rate policy, meaning that the exchange rate would be determined by the market. In this context, the Foreign Exchange Commission has instructed Banco de México to carry out direct operations in the market only during extraordinary circumstances that could put financial stability at risk.

Thus, on September 10, 1998, in the face of unusual pressure stemming from the international financial crisis that started in Russia, the Foreign Exchange Commission decided to sell USD278 million directly to the interbank market (see announcement version in Spanish). The purpose of this intervention was to increase the risk inherent in speculating against the Mexican peso, without targeting a specific level for the exchange rate.

Likewise, in February 2009, with the purpose of supplying liquidity and ameliorating observed volatility but without targeting a determined level of exchange rate, the Foreign Exchange Commission instructed Banco de México to sell US dollars in the market on February 4, 5, 6, 20, 23 and 27. The total amount of these sales was USD 1.835 billion. The results of the sales were reflected in the weekly balances of Banco de México, published on February 10 and 24, and on March 3.