Foreign Currency Uptake bill: Congress leaves debate pending while SHCP questions need for legal change
15 enero 2021

MEXICO

Senator Ricardo Monreal (MORENA – ruling party) announced that Congress had agreed to suspend the call for an extraordinary session on January 15, where one of the possible topics for discussion was the bill for foreign currency uptake. The decision responds, according to Monreal, to health issues in the bid to curb the spread of COVID-19. In any case, the senator explained that the reform of the financial system regarding foreign exchange will be a priority as of February 1. The head of the Ministry of Finance and Public Credit (SHCP, in Spanish), Arturo Herrera, said that the reforms proposed to the Bank of México Law may be achieved by making operational adjustments. 

 

Congress suspends call for extraordinary sessions

 

Monreal announced that “we have postponed the extraordinary session” until February 1 “to continue acting with wisdom, caution and responsibility in the face of the COVID-19 pandemic”.  

 

It should be noted that as of February 1, Congress will resume its ordinary sessions. Among the issues highlighted by Morena’s parliamentary coordinator in the Senate are the regulation of outsourcing and the reforms for foreign currency uptake. “Our agenda is a broad one, and once we exit this health nightmare, we will execute it responsibly,” pledged the senator. 

 

Head of the SHCP questions need for bill to collect foreign currency

 

Regarding the foreign currency uptake bill, SHCP head Arturo Herrera stated that the bill is not necessary since its content can be applied by means of “operational changes” made to the financial system. Currencies not immediately collected by the financial system “should be addressed, but we suspect that the response to this will be more of an operational nature, opening very specific channels, rather than something requiring a change in the law,” he explained.

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