MEXICO CITY (Reuters) -- Mexico's telecommunications regulator said it signed off on the prices dominant phone company America Movil can charge rivals and virtual operators to connect to its network, according to a statement by the regulator Saturday.

Billionaire businessman Carlos Slim's America Movil, which controls about 70 percent of Mexico's mobile phone lines, was declared dominant by the regulator last year.

As a result of that ruling, America Movil has to seek regulator approval for the prices it charges other operators for using its infrastructure.