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Bank of Mexico

The Bank of Mexico (Spanish: Banco de M??xico), abbreviated BdeM or Banxico, is Mexico's central bank, monetary authority and lender of last resort. The Bank of Mexico is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency. Background Plans for a central bank of Mexico began as early as the Mexican Empire of Emperor Agust??n de Iturbide with his idea of a Gran Banco del Imperio Mexicano (Grand Bank of the Mexican Empire). This idea was never pursued, instead, credit was generally issued by religious orders or trading guilds. In 1827, Mexico defaulted on a loan from British lenders which made it difficult to find foreign capital and it was forced to rely on local lenders as it had no national bank to lend to it. Instead the government was forced to rely on domestic lenders known as agiotistas (speculators) who specialized...

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wikidata.org 0 views · 2024-12-26 22:53:58