Mexico is contemplating extending relaxed banking credit measures to help the Latin nation recover from the economic turmoil the pandemic has caused the country. This was announced by Mexico’s deputy finance minister Gabriel Yorio.
Yorio said the ministry is engaging the central bank and the larger banking industry to see best way possible of providing much needed extension of the relaxed banking credit rules up to next year.
The deputy finance minister said they will be also adapting temporary measures to curb loan defaults and loss of collateral.
The measures in questions were introduced earlier in the year as efforts by the government to cut the economic effects of the deadly virus in Mexico. Yorio added the extension will be made public within a couple of weeks.
He however suggested some facilities could be restricted to certain sectors of the economy to minimize risks to the financial systems.
“What we have to do, maybe, is be selective with the sectors,” said the deputy finance minister.