On December 8th, 2014, the Foreign Exchange Commission, composed by officials from the Ministry of Finance and Banco de México, and which is responsible for Mexico's foreign exchange policy, announced (see press release that, to maintain the functioning order of the local exchange market, which could be disrupted due to the observed financial markets volatility, from December 9th, and until further notice, USD 200 million would be auctioned daily. The following summarized the most important details of the auction mechanism operation (for further details, see circular 19/2014 and circular 6/2015).

• The USD auction is carried out in three different time slots: from 9:00:00 a.m to 9:02:00 a.m for the first auction, from 12.00.00 a.m. to 12.02.00 a.m. for the second auction; and, from 15.00.00 p.m. to 15.02.00 p.m. for the third auction.
• If the auctions of the preceding business day do not result in any allotment, the minimum price for the dollar auction will be set at 1.015 times the Mexican peso, as determined by the FIX of the preceding business day.
• If the auctions of the preceding business day result in an allotment, the minimum price for the dollar auction will be set at 1.015 times the weighted average price of the previous business day's allotment.
• The minimum bid price will always be the same for the three auctions.
• Any daily amount not allotted is not cumulative.
• The sum of the allotted amounts of the three auctions must not surpass USD 200 million.

However, on July 30th, 2015, in order to reduce the probability that additional pressures could disturb the orderly functioning of the local exchange markets, the Foreign Exchange Commission determined to modify this mechanism, changing the minimum price of the auction as 1.01  times the Mexican peso, as determined by the FIX of the preceding business day. On November 19th, this mechanism was renewed until January 29th, 2016; however the Foreign Exchange Commission decided to make small modifications to it (see press release):

• The amount offered to the market will remain at US 200 million, sold at a minimum price for the dollar auction at 1.010 times the weighted average price of the previous business day's allotment.
• In addition, starting November 23rd, Banco de México can execute one or several additional USD dollar auctions with a minimum price, for an additional total amount to US 200 million. The minimum price for these auctions will be set at 1.015 times the weighted average price of the previous business day's allotment. The additional USD dollar auctions are conditioned to the total assignation of the regular minimum price auctions.

On January 28th, the Foreign Exchange Commission decided to extend the ordinary and supplementary auctions, without changing the execution minimum prices, until March 31st, 2016 (see press release). However, on February 17th, 2016, the Foreign Exchange Commission decided to suspend this mechanism (see press release), while it mentioned the possibility to intervene in the foreign Exchange market. The objective of the possible interventions would be the preservation of the Mexican peso value that reflects the country’s solid macroeconomic fundamentals.

See historical series on US dollar auctions with a minimum price