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The international reserves of the country recorded an increase of $ 34 million during the week preceding the presidential election, placing the weekly balance of Banco de Mexico (Banxico) in 173 thousand 211 million dollars, as reported by the Central Bank on Tuesday.
In this way, the country's reserves accumulated two consecutive weeks of increases by continuing the upward trajectory that had been observed since the third week of May and which was interrupted during the third week of June, when the weekly balance fell to 173 thousand 172 million dollars.
The Bank of Mexico, presided over by the Governor Alejandro Díaz de León commented in his weekly report that the decrease in international reserves was the result of a change in the valuation of international assets form the bank.
This movement represents a cumulative growth of $ 410 million compared to the end of 2017.
The principal components of the international reserves are gold and silver, which are the property of Banxico, since they are free of all liens and their availability is not subject to any restrictions .
During the last week of June, Banxico carried out open market operations with banking institutions to offset a net liquidity expansion of 27.975 billion pesos.
This expansion was derived from the withdrawal of 45 thousand 94 million pesos from the Federation's Treasury Account .
By open market operations, the Mexican Central Bank seeks to satisfy variations in demand for monetary base
Thus, in the event of excess demand, Banxico injects liquidity to cover the said deficit, and Conversely when there is an oversupply, it is responsible for removing excess liquidity from the market.
The central bank account statement also reported that the monetary base (banknotes and coins in circulation and bank deposits in current account) increased by 17 thousand 119 million pesos, due a drop in public demand
The monetary base reached a balance of one billion 534 thousand 342 million pesos, which represents an annual variation of 12.2% compared to the same week of l 39; ;last year.
During the year, the monetary base of the country decreased by 11 thousand 592 million pesos, which, according to the report published by Banxico, is considered a behavior consistent with the seasonal structure of demand by monetary base
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