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System to Be Bucked?

The limitations imposed on U.S. dollar deposits in Mexican banks shall stand, says Ernesto Cordero, secretary of Mexico’s finance ministry. Cordero recently delivered this message to Juan Manuel Hernández Niebla, president of Coparmex, an organization that represents business interests. He had gone before Cordero to argue that the restrictions placed upon the use of the dollar in Mexican business transactions will severely impact all of Baja, California, and particularly Tijuana, where 90 percent of business transactions in the tourist sector are done in U.S. dollars.

According to the Wall Street Journal, “bank deposits, the payment of loans and services, as well as foreign exchange transactions [will be limited] to between $1500 and $7000 a month, depending on the profile of the client.”

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According to Cordero, the new restrictions will not be modified because of pressure from the U.S. government to implement them, ostensibly to impede money-laundering. Hernández, arguing for business interests, said that Tijuana´s economy is dolarizado (dollar based) and has been for decades, thus the new regulations would impose an extreme hardship on Baja's monetary dynamic and economic health. Although Cordero agreed with the Coparmex president, the new regulations and limitations go into effect September 15.

Some local restaurant owners, upon being queried, were hostile to such measures; one said that he would accept dollars no matter what measures the Mexican government takes. Another business group, CANACINTRA, plans to take the issue to Mexico's president. "It's an absurd measure," said the CANACINTRA spokesman. “There are no words to express this anger.”

Source: Frontera

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The limitations imposed on U.S. dollar deposits in Mexican banks shall stand, says Ernesto Cordero, secretary of Mexico’s finance ministry. Cordero recently delivered this message to Juan Manuel Hernández Niebla, president of Coparmex, an organization that represents business interests. He had gone before Cordero to argue that the restrictions placed upon the use of the dollar in Mexican business transactions will severely impact all of Baja, California, and particularly Tijuana, where 90 percent of business transactions in the tourist sector are done in U.S. dollars.

According to the Wall Street Journal, “bank deposits, the payment of loans and services, as well as foreign exchange transactions [will be limited] to between $1500 and $7000 a month, depending on the profile of the client.”

Sponsored
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According to Cordero, the new restrictions will not be modified because of pressure from the U.S. government to implement them, ostensibly to impede money-laundering. Hernández, arguing for business interests, said that Tijuana´s economy is dolarizado (dollar based) and has been for decades, thus the new regulations would impose an extreme hardship on Baja's monetary dynamic and economic health. Although Cordero agreed with the Coparmex president, the new regulations and limitations go into effect September 15.

Some local restaurant owners, upon being queried, were hostile to such measures; one said that he would accept dollars no matter what measures the Mexican government takes. Another business group, CANACINTRA, plans to take the issue to Mexico's president. "It's an absurd measure," said the CANACINTRA spokesman. “There are no words to express this anger.”

Source: Frontera

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Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Navy solves San Diego homeless crisis by retiring four locally moored ships

Decommision Accomplished
Next Article

Angry Pete’s goes from pop-up to drive-thru

Detroit Pizza sidles into the husk of a shuttered Taco Bell
Comments
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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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