The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mexico: Ortiz condemns unethical bank behaviour

Central bank governor reveals the extent of intervention required by the FX losses of a Mexican retailer.

Central Bank Governor of the Year 2008

"If the markets do not stabilize, if credit does not defreeze, if confidence is not restored, all the other considerations are irrelevant"
Guillermo Ortiz

In mid-October the Mexican central bank was forced to auction in excess of $8 billion of dollar debt, principally to cover the foreign exchange positions of supermarket chain Comercial Mexicana, which had filed for bankruptcy.

In an interview with Euromoney during the IMF meetings in Washington on October 12, central bank governor Guillermo Ortiz explained the intervention, spoke about how Mexico’s banks were surviving the crisis, and gave his opinion on the actions of global regulators to date.

What prompted the intervention in the currency markets in mid-October?


The problem was that a Mexican company – a chain of grocers – had started behaving like a hedge fund. It was engaging in structured product operations – effectively selling volatility protection.

In the end we auctioned more than $8 billion of dollars – we auctioned $2.5

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree