The Ministry of Finance and Public Credit (SHCP) and the Bank of Mexico (Banxico), in alliance with the Association of Banks of Mexico (ABM), will present actions tomorrow to support migrants and their families.
This is a proposal to address the issues raised in the reform of the Banking Law on foreign exchange, To favor the conditions of payment of remittances in pesos.
The mechanism will be through the Welfare Bank, as advanced by the SHCP on February 1, during the Open Parliament, which organized the Congress to discuss the reform of the Banking Law on recruitment which was already approved by the Senate and which forces the central bank to absorb dollars without knowing its legal origin.
The head of the Banking, Securities and Savings Unit of the unit, Jorge Meléndez, He said during Parliament that the problem faced by migrants to pay their cash remittances with a competitive exchange rate, can be resolved “bluntly” and without having to force Banxico to buy surplus dollars.
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The official commented that in the SHCP they prepared a project in the framework of the Strategy of Financial inclusion which, in conjunction with the Welfare Bank, has the capacity to address several of these challenges along with the support of the Mexican Institute Abroad.
To do this, the SHCP conducted a study, in which it was found that most of the dollars in cash in the country are not migrants, because most do so for electronic transfer using the formal financial system.
So they created a secure mechanism for them to make the exchange of their remittances or cash dollars at the branches of the Welfare Bank and thereby favor families who are not banked and who live in remote communities.
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In the same forum, the governor of the Banxico has hoped to use the migratory certificate and having biometric controls can serve to bank the migrant population in an agile and secure way.
With this, it would be possible to have an alternative to pay a better exchange rate for cash remittances in Mexico.
cos / nv