Dollar Restriction Eliminated Along Northern Border

Companies will need to comply with some requisites

REYNOSA.- President Enrique Peña Nieto announced that the government will be loosening dollar restrictions, thus removing the 14 thousand monthly dollar limit for companies.

The measure was announced this Friday in the Official Diary of the Federation, argumenting that this would be a better way to combat money laundering and will not affect businesses or companies that are honeest.

PresidentPeña Nieto stated that he is confident that this incentive will help reactivate the economy in the border region in the Northern part of the country, and will allso impulse economic development.

In order for companies to be able to take advantage of this they must comply with the following requisites:

1. Justify the need to operate with more than 14 thousand dollars.

[p]2. Have been operating as a legal entity for at least three years.

[p]3. Comply with stricter auditing and customer recognition mechanisms.

[p]President Peña Nieto added that the elimination of these restrictions will also ignite competition and productivity and will allow companies to reduce the costs of transactions and eliminate risks and extra expenses when engaging in commercial activity.

[p]*Via Aristegui News and Notimex.


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