Source: http://dsbb.imf.org/Pages/SDDS/DQAFBase.aspx?ctycode=MEX&catcode=EXR00
Timestamp: 2017-02-23 16:09:06
Document Index: 503833485

Matched Legal Cases: ['Art. 62', 'Art. 28', 'Art. 38', 'Art. 46', 'Art. 45', 'Art. 62', 'Art. 46', 'Art. 61', 'Art. 8', 'Art. 24', 'Art. 26']

SDDS - DQAF View : Mexico - Exchange rates What's New
Exchange rates (Tipos de Cambio)
Mr. Joaquín Tapia
Domestic Foreign Exchange Operations Subdivision
Av. 5 de Mayo No. 6, 2nd floor
México, D.F., Mexico 06059
(52) 55-52278839
(52) 55-52277038
jtapia@banxico.org.mx
Mr. Juan Pedro González
Monetary Analysis Subdivision
Macrofinancial Analysis Division
Av. 5 de Mayo No. 18, 5th floor
(52) 55-52372615
(52) 55-52372692
juan_gonzalez@banxico.org.mx
0.1.1 Responsibility for collecting, processing, and disseminating statisticsBanco de México The Banco of México is an autonomous body which operates under the Banco de México Law of December 1993. The law authorizes the Banco de México to publish economic and financial statistics. Article 62 (1) states the following: " The Banco de México shall be entitled, in conjunction with other competent authorities, to prepare, collect, and publish economic and financial statistics, operate information systems based thereon, and collect the data necessary for such purposes."Exchange rates The legal right of the Banco de México (BM) to compile monetary and financial statistics derives essentially from Art. 62 of the Bank of Mexico Law. That law establishes that the BM may, in coordination with other competent authorities, prepare, compile, and publish economic and financial statistics, as well as operate information systems based on them, and collect the data required for those purposes.0.1.2 Data sharing and coordination among data producing agenciesBanco de México The Banco de México has ensured sufficient information interchange with other public agencies and private entities, through both, formal (primarily the establishment of committees) and informal (working meetings) arrangements.Exchange rates The BM is in practice responsible for collecting, compiling, and disseminating monetary and financial statistics, even though the data source is shared with other institutions, such as the Secretariat of Finance and Public Credit (SHCP) and the National Banking and Securities Commission (CNBV).0.1.3 Confidentiality of individual reporters' dataBanco de México Data are provided in aggregated form. Confidentiality is maintained with respect to institutions, individuals, and enterprises.Exchange rates The data for the FIX exchange rate is originally provided in aggregated form. Nonetheless, three banking days after its determination, detailed information of the quotes used in its calculation are available by request to Banco de México’s Library.0.1.4 Ensuring statistical reportingBanco de México The Law makes it mandatory for financial institutions to report to the Banco de México any data on their operations and spells out the penalties to be applied for noncompliance. There is continuous communication between the Banco de México and reporting entities to solve noncompliance problems and the Banco de México provides adequate support for the preparation of information returns.
0.2.1 Staff, facilities, computing resources, and financingBanco de México Banco de México has human, financial, and information technology resources to compile the statistics for which it is responsible. Exchange rates The monetary and financial statistics are compiled by the BM’s
macrofinancial analysis team. Each employee has a personal computer and access
0.3.1 Monitoring user requirementsBanco de México Banco de México does not conduct regular user surveys. However, includes at the Website a comments and/or suggestions page.
0.4.1 Quality policyBanco de México A quality assurance system has been established (under the ISO 9001:2000 Quality Certification) in several statistical categories.0.4.2 Quality monitoringBanco de México The ISO 9001:2000 Quality Certification includes an audit program in accordance with a preestablished schedule.
1.1.1 Impartiality of statisticsBanco de México The legal framework governing the Banco de México ensures the autonomy of staff members assigned to the compilation of statistics and professional competence.Exchange rates The Constitution and the BM Law provide a legal framework that ensures the autonomy of the BM. The Constitution establishes that the State shall have a central bank that is autonomous in the exercise of its functions and in its management (Art. 28). The BM Law entrusts the management to a Governing Board and a Governor (Art. 38). Art. 46 of the same Law stipulates that the Governing Board is empowered to establish policies and criteria in carrying out the Bank’s operations, while Art. 45 provides for the Secretary and Assistant Secretary of the SHCP to participate in meetings of the Governing Board, but without the right to vote.
The terms and conditions governing the BM are sufficient to ensure its independence and the autonomy of the staff devoted to compiling monetary and financial statistics. The autonomy granted to the BM under the constitution and Art. 62 of the BM Law establishes that it is competent to collect the information needed to compile economic and financial statistics and provides for coordination among financial authorities. Moreover, to reduce the possibility of conflict in the production of statistics, the BM, in agreement with the CNBV, publishes only aggregate data. Legal provisions also safeguard the professional autonomy of BM staff inasmuch as the officers responsible for compiling statistics are appointed by the Governor of the BM.
Professional skills are a prerequisite for the hiring of personnel and they are also a paramount consideration for promotion. The BM encourages professionalism among its staff by providing incentives for the preparation and publication of research papers, subject to revision by officers at different levels in the hierarchy. The BM promotes participation by staff at international meetings in which BM studies are presented. It also encourages professionalism and productivity by awarding bonuses.1.1.2 Selection of sources, methodology, and modes of disseminationBanco de México The selection of data sources is dictated purely by statistical considerations.1.1.3 Commenting on erroneous interpretation and misuse of statisticsBanco de México Banco de México holds periodic meetings with the media to avoid erroneous interpretations of statistics and, in major cases, of improper interpretation.
1.2.1 Disclosure of terms and conditions for statistical collection, processing, and disseminationBanco de México The Banco de México Law is published only in Spanish, a print version is included in the 1993 Annual Report. It is also available on the Internet website, click here.
An unofficial English translation is available on the Internet website of the Banco de México, click here.Exchange rates The public has access to the legislation governing the compilation and dissemination of monetary and financial statistics. The BM Law is published on the BM website and in affordable printed publications. In addition, each employee of the BM has a copy of the General Conditions of Employment of the Bank of Mexico (CGT), which is also available on the BM’s intranet. The BM website also has (1) a mailbox for receiving and dealing with users’ questions and comments and (2) a search engine by topic and concept. Through these tools, users can access additional information published by the BM. Furthermore, the form and instructions used by financial corporations to report their data are periodically updated.1.2.2 Internal governmental access to statistics prior to releaseBanco de México Banco de México does not give any national authority access to the statistics before their release.Exchange rates No government employee outside of the Banco de México has access to the
data prior to their release.1.2.3 Attribution of statistical productsBanco de México Banco de México identifies itself as a statistics-producing agency in monetary statistics.
Banco de México identifies itself as a statistics-disseminating agency in exchange rate, interest rate and stock market statistics.Exchange rates Data is released without commentary.1.2.4 Advance notice of major changes in methodology, source data, and statistical techniques.Banco de México Banco de México announces in advance methodological statistical techniques or source data change it uses.Exchange rates Any major change in methodology, data sources, and statistical techniques is announced in advance in articles published in press bulletins and briefing sessions on the Banco de Mexico web site and/or in the Diario Oficial de la Federación (Official Gazette).
Methodological changes are also announced when revised statistics are published. They are accompanied by a note explaining the changes in methodology and the appropriate link with the historical data.
1.3.1 Guidelines for staff behaviorBanco de México The Banco de México Law states that Banco de México staff members are subject to the provisions of the Federal Law on the Administrative Responsibilities of Civil Servants. In addition, the Banco de México has drawn up General Terms of Employment. It also sets up committees on specific topics, with the participation of staff from the various Banco de México departments, to deal with cases of noncompliance with the rules.Exchange rates In general, the code of conduct for staff is found in the BM Law, the Federal Law on the Administrative Responsibilities of Civil Servants, and in the CGT. Art. 46 of the BM Law grants the Governing Board authority to approve the CGT between the Bank and its staff and the Bank’s by-laws. Art. 61 of the BM Law establishes that the Federal Law on the Administrative Responsibilities of Civil Servants applies to members of the Governing Board and to BM staff. Art. 8 (section IV) of the same Law requires all civil servants to protect the information to which they have access, and to prevent its unlawful use. Furthermore, Art. 24 of the CGT specifies that BM personnel must use discretion in the exercise of their duties, keeping BM matters strictly confidential.
Art. 26 of the BM Law contains specific provisions regarding the operations of financial institutions, including provisions on reporting requirements. These provisions (Circular 2019 of the BM) clearly establish how data are to be presented and the responsibilities incurred by the institutions. Consequently, there is rarely a conflict of interest. Senior BM management is impartial and make certain that ethical standards are observed in their area of responsibility. Under the BM Bylaws, there are special committees, composed of officers from different departments, to settle cases of breaches of regulations. Newly hired personnel are provided with a copy of the CGT, which is also available on the BM intranet.
The BM, the SHCP, the CNBV, and the Chamber of Deputies have on their respective websites a link to their legal framework, providing access to current laws governing the financial sector. The Chamber of Deputies website also carried the Federal Law on the Administrative Responsibilities of Civil Servants.
2.2.1 ScopeScope of the dataInformation is compiled including all Resident Banking Institutions.
3. Accuracy and reliability 4. Serviceability
4.1.1 PeriodicityDaily4.1.2 TimelinessDaily, at market closing.Timeliness flexibilityNot applicable
4.2.1 Internal consistencyTo establish the exchange rate for settling foreign currency liabilities, the Banco de México obtains, at various times on all banking business days, buying and selling prices for the U.S. dollar from credit institutions representative of the conditions prevailing on the wholesale market. It then calculates an arithmetic average of this exchange rate, for announcement. No calculation is involved in the setting of the interbank wholesale exchange rate. Market prices are merely announced. The Bank of Mexico disseminates daily exchange rates for the peso against major currencies on its Internet website (http://www.banxico.org.mx/).4.2.2 Temporal consistencyAll data used in the determination of the Fix exchange rate are
available through the Banco de México’s library.
4.3.1 Revision scheduleData are final when first released. The usual practice concerning any
methodological change is to publish a press bulletin on the Bank of Mexico
website and/or a methodological note in the Diario Oficial de la Federación
(Official Gazette) prior to or at the time of the methodological change.
5.1.1 Statistical presentationThe Banco de México disseminates the following exchange rates every day: (a) for settling foreign currency liabilities (the "Fix" exchange rate, i.e. the rate determined in the interbank foreign exchange market), Mexican peso per U.S. dollar; (b) on interbank wholesale transactions at prices valued on the same day, in 24 hours, and in 48 hours.
To establish the exchange rate for settling foreign currency liabilities, the Banco de México obtains, at various times on all banking business days, buying and selling prices for the U.S. dollar from credit institutions representative of the conditions prevailing on the wholesale market. It then calculates and announces an arithmetic average of this exchange rate. No calculation is involved in the setting of the interbank wholesale exchange rate. Market prices are merely announced.
The forward exchange market is very small and operations take place in very variable terms. The data on forward rates are therefore not disseminated.5.1.2 Dissemination media and formatHard copy - New release"Tipo de cambio que se publicará al día siguiente en el diario
oficial (FIX)," with the FIX exchange rate that will be published the
following business day in the Official Gazette, and "Cotizaciones del tipo
de cambio interbancario en la jornada," which contains information on the
daily interbank exchange rate market.Hard copy - Other"Informe Anual" (Banco de México) is published in Spanish, and a translation is available through Banco de México’s Internet web page www.banxico.org.mx. The print of the document in Spanish can be obtained directly at the Bank of Mexico's Information Services Office. The "Informe Anual", contains monthly average and end of the month figures in its statistical appendix. In the table denominated “Representative exchange rates”. Also, annual figures are available in the table “Monetary and Financial Indicators”.Electronic - OtherBoth recent data and the historical series can be consulted on the BM
website.5.1.3 Advance release calendarNot applicable. Daily data are disseminated daily.NotesNot applicable. Daily data are disseminated daily.5.1.4 Simultaneous releaseSimultaneous availability to all by press release issued daily by the Banco de México and on the Internet. The Bank of Mexico releases two daily press bulletins: the "Tipo de cambio que se publicará al día siguiente en el diario oficial (FIX)," with the FIX exchange rate that will be published the following business day in the Official Gazette, and "Cotizaciones del tipo de cambio interbancario en la jornada," which contains information on the daily interbank exchange rate market as a service to the general public. The official and legal source for the FIX exchange rate is the Official Gazette.
The Bank of Mexico's Press bulletins on exchange rates (Fix and interbank exchange rates) are released only in Spanish in Banco de México’s web page: http://www.banxico.org.mx/.
As to the Fix exchange rate, the Diario Oficial de la Federación is published in Spanish. Further information on subscribing to this publication may be found at: http://www.pemsa.com.mx/dof.htm.