In Mexico the exchange rate policy is the responsibility of the Foreign Exchange Commission. This commission is comprised of officials from both the Secretaría de Hacienda y Crédito Público (Ministry of Finance) and Banco de México. The Commission can meet at any time at the request of the Ministry of Finance or Banco de México’s Governor. The Commission’s decisions are reached by a majority vote and the favorable vote of at least one Ministry of Finance representative.
At the end of 1994, the Foreign Exchange Commission agreed that Mexico’s foreign exchange regime would be flexible. The flexible exchange rate is determined freely by market forces only.
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