Mexico’s Controversial Central Bank Bill Was Delayed. Here’s Why
- Legislation forcing Banxico to buy dollars returns in February
- Critics say it can turn the bank into ‘a money launderer’
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In an eleventh-hour decision, Mexico’s congress put the brakes on a controversial bill that would have forced the central bank to buy dollars from local banks, even if their origin was dubious.
The legislation had already passed the senate last week and was scheduled for debate in the lower house on Tuesday, the final day before Christmas recess. Lawmakers from the ruling party of President Andres Manuel Lopez Obrador delayed the vote after heavy opposition from Banxico, as the central bank is known, as well as global banks from HSBC Holdings Plc to Bank of America Corp.