3  Pursuant to regulation issued by the Bank of Mexico in accordance with its law, the Federal Treasury and Pemex must carry out all of their foreign currency transactions with the central bank. Proceeds from Pemex transactions have largely been the source of international reserves accumulated by the Bank of Mexico.
4  See Banco de México (2014), Informe Trimestral, Octubre – Diciembre 2013, February, pp. 50–53. BIS central bankers’ speeches  3  Mexico needs to stay the course, buttressing its economy through effective monetary policy to keep inflation subdued, as it has been in the last decade. A list of sound economic fundamentals does not imply that the economy is free of risks.