Laws Governing the Central Bank and Monetary Board

Composition and Appointment

Members’ Qualifications and Term Length

• Members are appointed for specific periods of time, which can be for life or a specified period.
• They must disclose their personal and professional background, including any potential conflicts of interest.

Dismissal

Grounds for Dismissal

• Members can be dismissed by a decision of the Monetary Board for certain reasons:
  • Conflict of interest
  • Incompetence
  • Incompatibility
  • Violation of confidentiality
  • Misuse of information obtained from their duties

Appeal Process

• Dismissed members can appeal to the Supreme Court of Justice within 15 days.
• Neither the term nor the exercise of the appeal suspends the dismissal decision.

Consequences of Dismissal

• Members dismissed for certain reasons are unqualified to be members of other boards or governing bodies of financial intermediation agencies.

Compensation and Activities

Compensation

• Members are compensated in accordance with internal rules.

Annual Statement and Conflict of Interest

• They must submit a sworn net worth statement annually.
• They cannot carry out activities that result in conflicts of interest with their duties as Monetary Board members.

Operations

Session Convening and Decision-Making

• Sessions are convened by the Chairman.
• Decisions are made by simple majority or aggravated majority as specified by law.