International Business

From Times Staff and Wire Reports

Mexico to Open Up to Foreign Banks: After more than half a century of a constitutional ban, the government next year will implement measures to legally allow foreign banks to operate in the country, according to Secretary of Finance Pedro Aspe Armella. Starting in January, the government will grant two dozen authorizations for foreign banks in an effort to force Mexican banks to reduce their operating margins and cut their notoriously high interest rates, Aspe said.

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