Bank of Mexico holds rates despite above-target inflation

Bank of Mexico

The Bank of Mexico’s board unanimously decided to leave its policy rate unchanged at 4% on May 13, in spite of above-target inflation.

The decision leaves real rates negative, with year-on-year inflation recorded at 6.1% in April. Banxico’s inflation target is 3% within a ±1% range.

In its policy statement, the board said that the balance of inflationary risks was “biased to the upside”. But it added that inflation expectations “for the medium and long terms remained stable at levels above the

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