Overview
- Banxico published an amendment to Circular 8/2026 that allows it to buy existing Cetes and Bondes F in the secondary market with rules that take effect on August 17, 2026.
- Officials and a joint briefing with Hacienda, IPAB and Pemex stressed the purchases are meant to cover temporary liquidity shortages and not to finance the federal government or serve as quantitative easing.
- Operational limits include using only short‑term or floating‑rate instruments (Cetes and Bondes F), running purchases through financial intermediaries rather than the Treasury, and following auction procedures set in the quarterly subasta program.
- The bank expanded eligible counterparties beyond banks to include casas de bolsa, sociedades de inversión and Siefores and communicated a possible cap of up to 100,000 million pesos for third‑quarter operations.
- Analysts note the tool mirrors liquidity facilities used by other Latin American central banks but say the episode exposed weaknesses in Banxico’s communication that risked damaging its credibility if the purchases were used repeatedly or to influence long‑term yields.