Mexico should ‘phase out’ daily FX sales, IMF staff say
Staff at IMF find interventions have ‘contributed to stability’ in forex market
Staff at the International Monetary Fund have encouraged the Mexican authorities to "phase out" their daily foreign exchange sales, and focus on using the country's reserves to address "periods of disorderly market conditions".
Following the drop in global oil prices Mexico's Foreign Exchange Commission – which comprises representatives of both the ministry of finance and central bank – activated two intervention schemes.
The first, introduced in December 2014, saw the Bank of Mexico selling
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