Mexican President Vicente Fox said he will seek an increase in withholding rates for interest paid to foreign banks. The nominal withholding rate is currently 15%. However, most actual withholding is at 4.9%. Fox wants to impose a 10% rate. This will affect interest paid to banks lending from Belgium, Canada, France, Germany and Japan. Banks in other countries should still qualify for the 4.9% rate under tax treaties between Mexico and their home countries.