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Mexico Banks Back Banxico to Fight Senate on Dollar Purchases

  • Mexico’s senate may vote this week on currency legislation
  • Central bank chief spoke with top banks about bill, people say
Alejandro Diaz de Leon
Alejandro Diaz de LeonPhotographer: Alejandro Cegarra/Bloomberg
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Mexico’s major banks on Friday told the country’s central bank they would support its efforts to fight a proposal in the Senate that would force the Banco de Mexico to buy cash that policy makers fear may be tainted with drug proceeds, people familiar with the talks said.

Central bank Governor Alejandro Diaz de Leon spoke with top executives from banks including BBVA Mexico, Citibanamex and Santander in a private virtual meeting about the unexpected bill, the people said. The central bank, known as Banxico, and lenders in the meeting didn’t immediately respond to electronic requests for comment on Sunday.