IMF says Bank of Mexico acted too fast

Mexico's Finance Minister Agustin Carstens said Monday 30 April that the central bank may have moved too fast in raising interest rates last week amid slowing economic growth.

Carstens said a fall in US demand would hit Mexico's exports, 80% of which are to the US.

``It is a fact that the sharper-than-expected slowdown in the U.S. economy will reduce growth in Mexico,'' Carstens told reporters in Ottawa.

``To some extent, at the ministry of finance, we think the central bank went ahead of time