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Mexico tightens currency rules after bank nationalization
Mexico bans currency exchange from foreigners. all currency must be converted to pesos at ports of entry. Banks closed for at least one day while President Jose Lopez Portillo nationalizes private banks and imposes exchange controls to prevent capital flight amid a deepening crisis. The peso becomes the only legal tender and foreign exchange is restricted, with penalties for unauthorized transactions.
MENTIONED IN THIS ARTICLE
Mexico City
Mexico
Jose Lopez Portillo
Lopez Portillo
State of the Union
U.S
Congress
Miguel de la Madrid
Portillo
United States
Cuba
Bank of Mexico