In confirmation of our earlier report:Banks In Oaxaca, Mexico No Longer Accept American Dollars 6/17/10We have found an article confirming dollar-to-peso currency exchange restrictions in Mexico (see below) -- none of which makes any sense (see Carrie's comments).
Also, please forgive the broken English -- the article was translated from the Spanish by Google & a lousy translation it is.
-- Kim
My specific thoughts are below, but the long & short of it is:
These currency restrictions ultimately result in 100% traceable customer transactions & greater banker control of Mexican & American currency, which benefits neither country AT ALL, but which benefits the world's bankers to the EXTREME.
Additional thoughts / questions:
- Why is Mexico taking this drastic measure to limit "drug money" based solely upon alleged U.S. documentation that the Banks Association of Mexico cannot repeat & verify?
- Why is Mexico acting to further hurt their own economy -- & most especially their own tourist industry -- in the midst of a global depression?
- As it now stands, the only way to convert dollars to pesos is through wire transfer. This means that all transactions can now be tracked & traced & the consumer is at the mercy of the bank's exchange rate. Who sets these rates anyway & why can one no longer "shop around" for a better rate?
- We already know that the so-called "drug war" is a contrived conflict to weed out drug dealers who don't pay their cut to the US / IMF / NWO banksters. So who really gains from this ridiculously-restrictive currency-exchange policy anyway, other than the banksters themselves?
- The currency restrictions are not limited to popular tourist destinations as evidenced by our video report. So, if this is a nationwide mandate in Mexico, then why is it not clearly posted at all Mexican banks (rather than informing people verbally on a case-by-case basis)?
-- Carrie
The dollar exchange under suspicion in MexicoAlberto Nájar
BBC Mundo / México BBC News
June 8, 2010
La mayoría de los bancos mexicanos suspendieron la compra de dólares en efectivo.Most Mexican banks stopped buying dollars in cash.
Desde hace varias semanas Jorge Ramos, maletero del aeropuerto de Cancún, vive una inusual paradoja: en sus bolsillos suele llevar diariamente unos US$70 (más de 800 pesos) que recibe como propinas, pero al mismo tiempo no tiene suficiente dinero para comprar la comida de todos los días.For several weeks, Jorge Ramos, boot from the Cancun airport, lives an unusual paradox: in their pockets usually takes daily about U.S. $ 70 (plus 800 pesos) which receives as tips, but at the same time does not have enough money to buy food everyday.
Es que en ese destino turístico, como ocurre en varias ciudades de México, cambiar dólares a pesos se ha vuelto un problema.It is at that destination, as in several cities in Mexico, change dollars into pesos has become a problem.
Para prevenir operaciones con dinero ilícito, la mayoría de los bancos del país suspendieron en sus ventanillas la compra de la moneda estadounidense en efectivo.To prevent illegal money transactions, most of the nation's banks suspended at their counters to buy the U.S. currency in cash.
Es una decisión que, según los empresarios, ha causado problemas no sólo a la actividad turística, sino también a familias que viven de remesas, a comerciantes ya otros prestadores de servicios.It is a decision which, in the business, has caused problems not only for tourism, but also families living on remittances, to merchants and other service providers.
"La propinas buenas son en dólares y ni modo de decirle a los turistas que me den pesos. Me quedo sin nada", le contó Ramos a BBC Mundo."The good tips are in dollars and no way to tell the tourists that will give me pesos. I left without anything," Ramos told the BBC.
ObligadosForcedLa Asociación de Bancos de México (ABM) dijo que las leyes obligan a las instituciones financieras a ser más estrictas con todas las operaciones en dólares.The Banks Association of Mexico (ABM) said that the law requires financial institutions to be more stringent for all transactions in dollars.
Lo único que se busca es limitar el ingreso de grandes cantidades de dólares de procedencia ilícita, que llegan a nuestra economía a través de una frontera muy porosa y muy amplia.All it seeks is to limit the admission of large amounts of dollars of illicit origin, who come to our economy through a very porous border and wide.
Recientemente, el gobierno de Estados Unidos publicó un informe sobre lavado de dinero de organizaciones criminales, especialmente carteles del narcotráfico.Recently, the U.S. government released a report on money laundering of organized crime, especially drug trafficking.
El documento, titulado "Estudio Binacional de Bienes Ilícitos", afirma que cada año entre US$19.000 millones y US$29.000 millones son enviados desde Estados Unidos hacia México para sostener a bandas criminales, especialmente traficantes de drogas.The document, entitled "Illicit Goods Binational Study," states that each year between U.S. $ 19,000 million and U.S. $ 29,000 million are sent from the U.S. to Mexico to support criminal gangs, especially drug traffickers.
Cerca de la mitad de este dinero pasa por el sistema financiero mexicano, advierte el estudio.About half of this money goes through the Mexican financial system, warns the study.
El dato no se puede comprobar por completo, aclaró la ABM, que por lo pronto estableció controles más estrictos para evitar el lavado de dinero.The data can not be verified completely, said the ABM, which for now established strict controls to prevent money laundering.
"Frontera porosa""Porous border"Una de las medidas para controlar operaciones ilícitas es la restricción en la compra de dólares en efectivo.One of the measures to control illegal operations is the restriction on the purchase of dollars in cash.
Se trata de una acción a la que tienen derecho las entidades financieras, le explicó a BBC Mundo Carlos López Moctezuma, director de proyectos especiales de la Comisión Nacional Bancaria y de Valores (CNBV), un organismo gubernamental.This is an action to which financial institutions are entitled, explained to BBC World Carlos Lopez Moctezuma, director of special projects for the National Banking and Securities Commission (NBSC), a government agency.
Es una barbaridad, la gente está recurriendo a donde puede para cambiar el dinero. Ya hay un mercado negro de dólares. -- Germán Castro, de la Asociación Nacional de Centros Cambiarios
It is an outrage, people are turning to where you can change the money. There is already a black market dollars. -- Germain Castro, of the National Foreign Exchange Center
"Cada banco ha reforzado sus controles. Las medidas son únicamente para las operaciones en efectivo", añadió."Each bank has strengthened its controls. The measures are for cash transactions," he added.
El Ministerio de Hacienda de México informó que esta semana publicará normas especiales para regular operaciones con la moneda estadounidense en efectivo.The Ministry of Finance of Mexico reported that this week issued special rules to regulate operations with the U.S. currency in cash.
No se trata de prohibir la compra de dólares, sino de prevenir el lavado de dinero, dijo recientemente el ministro de Hacienda, Ernesto Cordero.It is not prohibit the purchase of dollars, but to prevent money laundering, recently said Finance Minister Ernesto Cordero.
"Lo único que se busca es limitar el ingreso de grandes cantidades de dólares de procedencia ilícita, que llegan a nuestra economía a través de una frontera muy porosa y muy amplia"."All we are seeking to limit the entry of large amounts of dollars of illicit origin, who come to our economy through a very porous border and very broad."
Según Cordero, la restricción a las operaciones con la moneda estadounidense intenta evitar los grandes depósitos que las autoridades han detectado en el sistema bancario mexicano.According to Cordero, the restrictions on currency transactions in the U.S. attempts to avoid the large deposits that the authorities have detected in the Mexican banking system.
Mercado negroBlack marketPor lo pronto, la decisión de los bancos ha sido criticada por otros empresarios de servicios financieros.For now, the decision of the banks has been criticized by other financial services business.
Muchas casas de cambio, por ejemplo, redujeron al mínimo la compra de dólares porque no tienen suficientes pesos para entregar, advirtió Germán Castro, presidente de la Asociación Nacional de Centros Cambiarios y Transmisores de Dinero.Many houses of change, for example, minimized the purchase of dollars because they do not have enough pesos to deliver, Germain said Castro, president of the National Association of Centers Foreign Exchange and Money Transmitters.
"Es una barbaridad, la gente está recurriendo a donde puede para cambiar el dinero. Ya hay un mercado negro de dólares", agregó Castro."It's an outrage, people are turning to where you can to change money. There is already a black market for dollars," added Castro.
Este incipiente mercado paralelo, afirmó, lo integran establecimientos comerciales sin permiso para transacciones financieras y que compran los dólares a un precio menor a la cotización del mercado.This incipient parallel market, he said, is composed of commercial establishments without permission for financial transactions and buy dollars at a price lower than market rate.
Las autoridades financieras, en cambio, rechazaron la existencia de un mercado negro e insistieron en que la decisión de los bancos no ha causado problemas.Financial authorities, however, rejected the existence of a black market and insisted that the decision of the banks did not cause problems.
