Headquarters: Mexico City
National currency: peso
The Bank of Mexico started operations on Sept. 1, 1925, under Plutarco Elias Calles, then-president of the Republic. Issuing currency and regulation of currency circulation were among the functions of the new central bank.
The purpose of the Bank of Mexico is to provide the country?s economy with domestic currency. In pursuing this purpose, the bank?s primary objective is to seek the stability of the purchasing power of its currency. The Bank also promotes the sound development of the financial system and fosters the proper functioning of payment systems.
Functions of the Bank are to:
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regulate the issuance and circulation of currency, foreign currency exchange, financial intermediation and services, as well as payment systems;
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operate as reserve bank and lender of last resort for credit institutions;
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provide treasury services to the federal government and act as its financial agent;
- counsel the federal government on economic and financial issues;
- participate in the International Monetary Fund and other international
financial cooperation institutions, as well as those embodying central
banks; and
- operate with central banks and with other foreign legal entities performing functions of authority in financial issues.
For more information on the Bank of Mexico go to: www.banxico.org.mx/
