May 24, 2017 / 2:30 PM / a year ago

Mexico cenbank to create local forex body, adhere to best practices

MEXICO CITY, May 24 (Reuters) - During the second half of 2017, Mexico’s central bank will organize a local foreign exchange committee to meet market players as part of a global push for best practices in currency markets, the bank said in a presentation published Wednesday.

Banco de Mexico Governor Agustin Carstens said the central bank will adhere to best practice forex rules, designed by the Bank for International Settlements’ Foreign Exchange Working Group and due to be published on May 25, and will only conduct operations with institutions that also stick to the new code.

Carstens said the committee will discuss relevant issues that affect the forex market, adding that the central bank will continue to work with other authorities to create a code of conduct in the coming months for local fixed income markets. (Reporting by Gabriel Stargardter)

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