Bank of Mexico takes rates to 10%
Banxico board follows Fed again, but hints tightening cycle may slow down
The Bank of Mexico’s (Banxico) board increased its policy rate by 75 basis points to 10.0% at its monetary policy meeting on November 10.
One board member, Gerardo Esquivel, dissented, and advocated instead for a 50bp rate increase. Governor Victoria Rodríguez and board members Galia Borja, Irene Espinosa and Jonathan Heath supported the decision, which was the central bank’s fourth consecutive 75bp rise.
In 2022, Banxico has increased rates by 450bp, as it follows the US Federal Reserve’s
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