Bank of Mexico sets minimum loan rate

The central bank of Mexico has set a minimum overnight rate to banks for the first time since 1998, suggesting it may adopt an interest-rate targeting system similar to the Fed.

The central bank said on 31 January it would lend overnight at an interest rate of no less than 8.9 percent, according to a statement quoted in various reports.

Currently Mexico is the only country among the 30 members of the Organization for Economic Cooperation and Development that uses indirect methods to adjust its