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The events that we have experienced globally in recent months regarding the COVID-19 pandemic have taken by surprise not only the health sectors and the population in general, but also the entire business sector and the world economy. We are facing a moment of uncertainty in various ways: on the one hand, efforts are being made in every possible way to mitigate the risk of contagion faced by the population, while on the other hand, financial stability is being affected on a large scale. Many wonder: which of the two social problems is the most serious and will leave us with the most consequences? It is difficult to know, however there are many hands working for both causes. In the case of financial stability, a new resource has been created to mitigate the economic risks of COVID-19: Sustainable Finance Committee , created by the Financial System Stability Council. What is the Financial System Stability Council? To better understand this new committee, it is important to know that Mexico has a Financial System Stability Council that was created by presidential decree in 2010. Its function is to be a body for evaluation, analysis and coordination of authorities in financial matters.
Its mandate is to promote financial stability, avoiding substantial interruptions or alterations in the functioning of the financial system, and, if applicable, minimizing their impact when they occur. This council is made up of: Representatives of the Ministry of Finance and Public Credit. National Baking and Stock Commission. National Insurance and America Cell Phone Number List Finance Commission. National Commission of the Retirement Savings System. Institute for the Protection of Bank Savings. Bank of Mexico. Now this council has created the Sustainable Finance Committee to ensure measures that will lead the country to healthy development in stages of crisis. “In Mexico, although the risks to the financial system associated with trade tensions decreased due to the ratification of the T-MEC, the rapid spread of Covid-19 around the world and the severe impact on growth prospects at a global and national level , the risks of a marked economic slowdown have increased,” they shared in a statement.
How will the Sustainable Finance Committee work? The Sustainable Finance Committee is seeking to maintain the country's liquidity and financial stability in the face of the COVID-19 pandemic, since the situation could generate great tension in the financial system and possible effects on economic activity. Among the challenges that have been identified to maintain the stability of the financial system are: Maintain the flow of credit required by companies, households and other financial intermediation segments. Maintain adequate liquidity conditions, both in national and foreign currency. Maintain adequate operating conditions in the foreign exchange and fixed income markets. That intermediaries can adequately manage their market and credit risks. Maintain the proper functioning of payment systems. Measures to take The measures that have been decided to take seek visible and effective results, these are: Improve the operation of the fixed income market: To carry it out, the SHCP has carried out three liability management operations, with three swaps of government securities carried out by the Bank of Mexico as its financial agent.
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