Bank of Mexico proceeds with gradual tightening process
Central bank increases interest rate by 25 basis points to 5% on higher inflation
The Bank of Mexico’s monetary policy committee has voted to tighten policy rates, continuing the gradual tightening process it started in June.
The MPC voted 4 to 1 in favour of a 25 basis point increase to bring the policy rate to 5%. Governor Alejandro Díaz de León voted in favour of the rate increase, as well as committee members Galia Borja, Irene Espinosa and Jonathan Heath. Gerardo Esquivel voted in favour of leaving the target for the overnight interbank interest rate unchanged at 4.75%
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