The Bank of Mexico (Banxico) made it known that its governing board authorized an annual budget for 2023 of 13 thousand 815 million pesos, 2 billion more than in 2022.
This increase is mainly due to the increase in the plan to manufacture banknotessince there is a greater demand from the public, which has an impact on a greater amount of polymer substrate compared to 2022.
In addition to this, Banxico will also increase the purchase of metallic currencyTherefore, it is expected that this year they will mint 215 million more pieces than in 2022.
Regarding the materials for the manufacture of banknotes and coins, they will spend 5 thousand 881 million pesos, an increase of 30% also compared to last year.
Of that total, they will allocate 3 thousand 753 million pesos only to acquire metallic currency, while for bills it will be 2 thousand 128 million pesos.
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They stressed that these expenses are necessary to be able to guarantee the supply of banknotes and coins that the national economy requires.
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