Mexico keeps its inflation target at 3 per cent

The Bank of Mexico on Wednesday played down the prospects of direct intervention in the foreign exchange markets to support the peso, as it unveiled a monetary policy for this year that maintains its target of 3 per cent inflation for the year.

Guillermo Ortiz, the bank's governor, said a decision to intervene could not be made by the central bank alone but would be handled by a commission on exchange rates, which includes the Treasury secretary.