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Mexico's Central Bank To Consider Rate Cut In Upcoming Meetings: Minutes Reveal

22.02.2024 20:42

Banco de Mexico has held interest rates unchanged for 7 consecutive meetings since March 2023.

Mexico's central bank will consider lowering interest rates at upcoming meetings, according to minutes released Thursday from the bank's last meeting on Feb. 8.

"The Board will thoroughly monitor inflationary pressures as well as all factors that have an incidence on the foreseen path for inflation and its expectations," said the minutes. "In the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate."

The bank said it will take into account the progress in the inflation outlook and the challenges, as it tries to lower headline inflation to its 3% target.

Mexico's consumer inflation in January annually increased 4.88%, accelerating from 4.66% in December. The figure showed a monthly gain of 0.89% in January, also gaining pace from a 0.71% increase in December.

The Banco de Mexico last made a hike in March 2023 that pushed the interest rate to a record 11.25%, which marked its 15th rate increase since mid-2021.

The bank has held its interest rate unchanged for seven consecutive meetings since last March.

The next monetary policy meeting will conclude March 21, followed by May 9 and June 27. -

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