2024-05-08 19:41:54
The Bank of Mexico (Banxico) reported losses of 440 billion pesos during 2023according to the financial statements approved for last year, which were released by the banking institution.
In compliance with articles 46 and 54 of the Bank of Mexico Lawthe Banxico Government Board reported on April 30 a specific loss of 440,016 million pesos, mainly caused by exchange losses.
The financial statements released by Banxico indicate that the “FIX” exchange rate was 16.9190 pesos per dollar at the end of 2023, which represented a appreciation of the Mexican peso of 13.1% compared to 2022while Banxico’s stockholders’ equity was located at -728 thousand 684 million pesos in the same period.
Banxico reports peso depreciation of 2.83% as of April 23
Banxico not only reported losses of 440 billion pesos during 2023but after the cut of the first quarter of this year, the Mexican peso registered a depreciation of 2.83%from the end of March 2024 to the date on which the financial statements were signed, April 23.
On the other hand, until April 19, 2024, international reserves amounted to 217 thousand 260 million dollars (more than 3 billion 688 thousand 097 million pesos), which translated into an increase of 66 million dollars compared to the end of March.
Banxico: Mexican super peso leaves the government without remnants
Banxico also reported since April 30 that due to the peso appreciation during 2023 he federal government will not receive operating remainder for the fourth consecutive year, since 2020.
The remnants are profits generated by the management of international reserves of the country, which are non-profit and as they exist, Banxico has the obligation to deliver this amount to the Ministry of Finance and Public Credit (SHCP).
In that sense, the Ministry of Finance must allocate the 70 percent of these resources to the public debt of Mexicowhich was located in 15 billion 434 thousand 161.2 million pesos At the end of the first quarter of 2024, an amount equivalent to 45.5% of GDP.
“A stronger dollar contributes to the generation of surpluses, which will help reduce the country’s public debt”
Banxico
2024-05-08 19:41:54