He Bank of Mexico (Banxico) announced this afternoon adjustments to the support program to face the economic effects of the Covid-19 pandemic that was released on April 21.
To do this, it will provide facilities to continue promoting the healthy development of the financial system, ensure its stability and continue to promote credit.
With this, he assured that there may be better conditions for the Financial intermediaries they can fulfill their priority function of providing financing to the economy, in particular, that destined to micro, small and medium-sized enterprises, as well as to households that have seen a reduction in their sources of income during the aforementioned pandemic.
To promote fixed and working capital, it authorized banking institutions to carry out financial leasing and factoring operations with MSMEs, in addition to the granting of the credit currently contemplated.
Also read: The negative result was already expected, says AMLO about the fall in the economy
Banks will be able to provide Physical persons mortgage and automotive loans with the limits and conditions established for it.
The objective of this is to expand support to these people, while contributing to the recovery of automotive industries, housing and construction, as well as all value chains and jobs that depend on these industries.
The term for the Institutions to dispose of the resources derived from these was extended to three months by the facilities granted by Banxico.
Banco de México announces adjustments to strengthen facilities to provide resources to banking institutions to finance micro, small and medium-sized enterprises, as well as individuals affected by the pandemic https://t.co/1kLsuizFYO
– Banco de México (@Banxico) July 30, 2020
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