Board members of the Bank of Mexico highlighted the limits monetary policy faces in countering the negative impact of the Covid-19 crisis, say the minutes of the latest meeting, held on March 20.

Back then, four out of five board members voted to cut the policy rate by 50 basis points to 6.5%. One, Javier Guzman, voted to reduce it by just 25 basis points. But in spite of growing economic uncertainty, and lower growth forecasts, most members think “monetary policy’s ability to mitigate the fall