Mexico Lawmakers to Start Talks on Banxico Dollar Bill Monday

Leaders from Mexico’s senate and the lower house of Congress will hold talks on Monday on a bill that would force the central bank to purchase bulk cash from Mexican lenders who can’t get rid of it elsewhere.

Lawmakers from both houses will hold a virtual meeting at 5 p.m. local time in Mexico City to form a technical working group on the bill ahead of the next congressional session in February, according to an internal congressional document seen by Bloomberg News. They will vote on launching a public debate on the bill.

Last week, President Andres Manuel Lopez Obrador, said lawmakers needed to find a solution that wouldn’t affect the central bank’s autonomy or risk conflict with international financial organizations. The Banco de Mexico and global lenders have warned the bill in its current form could open the monetary authority to U.S. money laundering sanctions.

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