{"id":25775,"date":"2011-12-05T11:45:00","date_gmt":"2011-12-05T16:45:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2011\/12\/05\/banco-de-mexico-keeps-interest-rate-at-4-50-2\/"},"modified":"2011-12-05T11:45:00","modified_gmt":"2011-12-05T16:45:00","slug":"banco-de-mexico-keeps-interest-rate-at-4-50-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/12\/05\/banco-de-mexico-keeps-interest-rate-at-4-50-2\/","title":{"rendered":"Banco de Mexico Keeps Interest Rate at 4.50%"},"content":{"rendered":"

The Banco de Mexico<\/a> held its overnight interest rate target steady at 4.50%.  In its monetary policy statement the Bank noted: “<\/span><\/span>Annual general inflation and its core and non-core components have shown a favorable evolution, although there was a slight increase recently,” further noting a <\/span><\/span>“persistent slack in the economy, a declining trend in unit labor costs” and “increased levels of competition in some sectors of the economy,” adding<\/a>, <\/span>“in addition, inflation expectations have not been affected by the recent depreciation of the exchange rate,” also commenting that “a currency rate anchored by solid fundamentals of the Mexican economy.”<\/span><\/p>\n

<\/a>
The Mexican central bank also kept the overnight interest rate target steady at 4.50% at its previous meeting.  Mexico reported annual inflation<\/a> of 3.2% in October, 3.14% in September, compared to 3.42% in August, while inflation was 3.28% at the end of June, 3.4% April and 3% in March, and within the Bank’s inflation target range of 3% +\/- 1%. <\/span>

The Mexican economy<\/a> grew 3.3% (4.6% in Q1) year on year in Q2 this year, up 1.1% (0.5% in Q1) from the previous quarter, compared to GDP growth of 5.4% in 2010.  The Mexican peso (MXN) is down about 11% against the US dollar so far this year, and the USDMXN exchange rate last traded around 13.5.<\/span>

<\/span><\/span><\/p>\n
www.CentralBankNews.info<\/a><\/span><\/span><\/div>\n<\/div>\n
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The Banco de Mexico held its overnight interest rate target steady at 4.50%.  In its monetary policy statement the Bank noted: “Annual general inflation and its core and non-core components have shown a favorable evolution, although there was a slight increase recently,” further noting a “persistent slack in the economy, a declining trend in unit labor costs” and “increased … <\/p>\n

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