1. Banco de México was founded on August 25, 1925 during the government of Plutarco Elías Calles.
2. Its first general director was Alberto Mascareñas Navarro between 1925 and 1932.
3. Its creation responded to the high costs associated with monetary instability and anarchy during the Mexican Revolution, a period in which there was very high inflation, the closure of banking activities, the interruption of the payment system and a proliferation of counterfeit money.
4. Banxico is currently the central bank of the country that provides the national currency.
5. The autonomy in functions and administration of Banxico is stipulated in article 28 of the Mexican Constitution: “Its priority objective will be to ensure the stability of the purchasing power of the national currency, thereby strengthening the stewardship of national development that corresponds to the State” .
6. The definitive modernization phase of the Bank begins with the granting of its autonomy, which came into force as of April 1994, during the government of Carlos Salinas de Gortari.
7. Autonomy implies that no authority can require Banxico to grant credit, thereby guaranteeing control over the amount of money in circulation. The purpose of autonomy is that the operation of the central bank is conducive to the conservation of the purchasing power of the national currency.
8. Autonomy is accompanied by the responsibility of transparency and accountability, by sending reports to Congress, publishing periodic reports and disseminating timely information, especially on its website.
9. Beginning in 1996, annual inflation targets began to be agreed upon. In 1999, the goal of 3% inflation was set for the end of 2003.
10. Monetary policy decisions, and others related to the responsibilities of the institution, are made by the members of the Governing Board, which is made up of a governor and four deputy governors.
11. The members of the Board must meet strict technical and professional requirements and are appointed by the President of the Republic and ratified by the Chamber of Senators or the Permanent Commission of the Congress of the Union, as the case may be.
12. Every day Banxico adjusts the supply of money so that it corresponds to the demand. Additionally, it conducts its monetary policy by establishing a target for the reference rate, which is the overnight interbank rate.
13. Miguel Mancera Aguayo was the first governor of Banxico after its autonomy was decreed.
14. Victoria Rodríguez is the first woman to be governor of the entity.
15. To date, Miguel Mancera, Guillermo Ortiz, Agustín Carstens, Alejandro Díaz de León and Victoria Rodríguez have been governors of the autonomous central bank.
16. To be a member of the Governing Board, the following requirements must be met: Be Mexican by birth, be in full enjoyment of your civil and political rights, and not be older than sixty-five years of age on the start date of the period during who will carry out his duties.
Enjoy recognized competence in monetary matters, as well as having held, for at least five years, high-level positions in the Mexican financial system or in the dependencies, agencies or institutions that exercise functions of authority in financial matters.
Not have been convicted of intentional crimes; disqualified from doing business or from holding a job, position or commission, in the public service or in the Mexican financial system; nor previously removed from the position of member of the Governing Board, unless the latter was the result of physical incapacity that had already been overcome.
17. The post of governor will last six years and that of sub-governor will be eight years, who must also refrain from participating with the Bank’s representation in partisan political acts.
18 The remuneration of the members of the Governing Board will be determined by a committee made up of the president of the National Banking Commission and by two persons appointed by the Secretary of Finance and Public Credit, whose designation does not produce a conflict of interest and who are recognized experience in the labor market in which public and private credit institutions participate, as well as their regulatory authorities.
19. The Governor and Deputy Governors of the Bank will not form part of the staff of the institution.
20. Since 2011, the minutes containing the arguments that motivate monetary policy decisions began to be published.
With information from Banxico
