Source: http://dsbb.imf.org/Pages/SDDS/DQAFBase.aspx?ctycode=MEX&catcode=INR00
Timestamp: 2017-12-14 13:24:27
Document Index: 580072171

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

SDDS - DQAF View : Mexico - Interest rates
(Principales Tasas de Interés)
Phone: (52) 55-52372615
Fax: (52) 55-52372692
Email: juan_gonzalez@banxico.org.mx
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.
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).
The data are provided in aggregated form. Confidentiality is maintained with respect to institutions, individuals, and enterprises.
The monetary and financial statistics are compiled by the BM’s macrofinancial analysis team. Each employee has a personal computer and access to the Internet.
The Constitution and the BM Law provides 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.
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.
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.
No government official outside of the Banco de México has access to the data prior to their release.
The data is published without commentary.
Any major change in methodology, data sources, and statistical techniques are announced in advance in articles published in bulletins, briefing sessions, in the Diario Oficial de la Federación (Official Gazette)or press releases.
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. The BM’s website has a link for this purpose.
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 are 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 breach of regulations. Newly hired personnel are provided with a copy of the CGT, which is also available on the BM intranet.
Information is compiled including all Resident Banking Institutions.
Average cost of bank deposits (CCP): monthly
Interbank equilibrium interest rate (TIIE): Daily
28 day CETES: Weekly
Cost of term liabilities (CCP): monthly
Cost of term deposits in investment units (CCP-UDIS): monthly
Cost of term deposits in U.S. dollars (CCP-Dollars): monthly
Average cost of bank deposits (CPP): monthly, on the 25th of the month or the next business day if the 25th is a holiday.
28 day CETES: Same day of the auction
Cost of term liabilities (CCP): monthly, on the 25th of the month or the next business day if the 25th is a holiday.
Cost of term deposits in investment units (CCP-UDIS): monthly, on the 25th of the month or the next business day if the 25th is a holiday.
Cost of term deposits in U.S. dollars (CCP-Dollars): monthly, on the 25th of the month or the next business day if the 25th is a holiday.
Detailed data on some interest rates are published through the System for Banco de México Account Holders (SIAC-BANXICO).
Published data on interbank rates, rates on government securities, and deposit costs are final. The other data are preliminary and can therefore be revised. The policy on revision consists of revising the latest published data when new data are released.
Data are disseminated on bank and government funding rates, the cost of time deposits (CCP) and interbank rates (TIIE) which are used as benchmark indicators by the financial system. Yields accrued by short-term, medium-term, and long-term government and private securities are also disseminated. The maturities of the representative government securities are as follows: Cetes: 28, 91, 182 and 364 days; Bondes: 1, 3 and 5 years; Udibonos: 3, 5, 10, 20 and 30 years; and Bonos: 3, 5, 7, 10, 20 and 30 years.
Data are disseminated on the following average cost of time deposits: the average cost of deposits (CPP), the cost of time deposits of domestic currency liabilities (CCP), the cost of time deposits of liabilities denominated in investment units (CCP-UDIS), and the cost of time deposits of liabilities denominated in US dollars (CCP-Dollars). Interbank rates are disseminated: the equilibrium interbank interest rate (TIIE). Interest rates for specific bank deposits are also disseminated.
A selection of interest rate data is disseminated in the monthly bulletin denominated “Agregados Monetarios y Actividad Financiera.”
"Informe Anual" (Banco de México) is published in Spanish, and a translation is available through the Banco de México’s Internet web page www.banxico.org.mx. A print out of the document in Spanish can be obtained directly at the Bank of Mexico's Information Services Office.
The "Informe Anual", contains monthly figures in its statistical appendix. In the table entitled “Representative Interest Rates”. Also annual figures are available in the table “Monetary and Financial Indicators”.
Simultaneous availability to all users through publication in the "Diario Oficial de la Federación".