On March 5, 2009, the Foreign Exchange Commission, composed of officials from the Ministry of Finance and Banco de México, and which is responsible for Mexico's foreign exchange policy, announced the following in the context of the desire to promote orderly conditions in the foreign exchange market. In order to establish a mechanism to guarantee that a significant portion of its projected international reserve accumulation is sold in the foreign exchange market, it will enact the following changes to its intervention policy:

• 1. Starting March 9, USD 100 million will be sold daily through an auction mechanism implemented by Banco de México.
• 2. In addition, daily US dollar auctions at a minimum price for the dollar of 1.02 times the Mexican peso, as determined by the preceding business day’s FIX, will continue. The daily amount to be auctioned will be reduced from USD 400 million to USD 300 million.
• 3. The implementation of extraordinary US dollar sales remains an open possibility in case market conditions warrant the measure.

This new intervention policy will be in place until June 8, 2009. On May 29, the Foreign Exchange Commission announced changes on its policy for the subsequent months, reducing the amount to be auctioned from USD 100 million to 50 USD million starting June 9, 2009 and until September 8, 2009. On September 1, 2009, the Foreign Exchange Commission announced that these daily auctions were going to be carried out until September 30, 2009 and would be suspended starting October 1, 2009. For further details, see circular 6/2009, (currently published only in Spanish).