BY MAURILIO SOTO
The News
MEXICO CITY – President Enrique Peña Nieto promulgated the financial reform law yesterday at his Los Pinos residence, saying that it will promote responsible lending which will create true economic growth and greater productivity in Mexico.
He promised that changes to the lending rules would have a favorable impact on the national economy by making credit more easily available to Mexicans and local companies, as well as increasing and democratizing productivity, which will facilitate entrepreneurs’ access to much needed resources. With “more and cheaper credit,” Peña Nieto said that small- and medium-sized companies will be able to grow, modernize and generate more jobs for Mexicans.
He said that the legislative process was enriched by the nation’s political forces, something that confirms the “political maturity” of the current Mexican democratic system. The law was approved with input from Mexico’s three major political parties as part of the Pact for Mexico agreement.
The four central objectives of the new banking law, according to Peña Nieto, are to boost the Mexican development bank; to improve the judicial framework providing more credit at lower interest rates; to increase competition in the financial sector multiplying and improving credit options for Mexicans; and to strengthen the soundness of the financial system.
“With more competition between banks, we will have lower interest rates, lower commissions, and ... better financial services,” he said.
Mexican Central Bank Governor Agustín Carstens described the new banking law as “one of the most ambitious ... laws in the sector that Mexico has passed in the last several decades.”
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