om a managed exchange rate to a free float. To retain some control over the Peso, representatives of Banxico and the Finance Ministry who comprise the Exchange Commission (EC) set several rule-based intervention schemes aimed at managing reserve accumulation and abating volatility. USD/MXN options-based intervention

dbook 2018: Still Fuel in the Tank Regulatory framework and approach • According to Article 21 of the Bank of Mexico Law, FX policy is designed by the Exchange Commission, which is composed of officials from the central bank (including the Governor) and the ministry of finance. Policy implementation relies on the cen