Bank of Mexico holds rates

Board decides not to follow Chile and Brazil’s rate cuts despite falling inflation

Bank of Mexico

The Bank of Mexico kept interest rates unchanged at 11.25% at its monetary policy meeting on August 10.

The decision meant Banxico has not followed the central banks of Brazil and Chile, which cut rates aggressively in recent weeks. The board’s statement stuck to a very conservative tone. “The balance of risks for the trajectory of inflation within the forecast horizon remains biased to the upside,” it said.

Brazil’s central bank reduced the Selic rate by 50 basis points to 13.25% on August 2

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