Mexican Parties Introduce Banking Overhaul to Spur Lending
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Mexico’s three biggest parties joined with President Enrique Pena Nieto to present a bill to spur bank lending and faster growth in an economy where credit availability lags the rest of Latin America.
The proposal seeks to give banks more incentives to lend rather than invest, providing Mexicans better access to credit at lower costs, and doesn’t attempt to impose lower interest rates by decree, Pena Nieto said. The legislation, which will be sent to Congress today, would increase the role of development banks in helping expand credit, he said.