Mexico Interest Rate

Last Release

Mar 21, 2024

Actual

Units In

11.25

Frequency

Daily

Next Release

May 09, 2024

Time to Release

1 Months 15 Days 18 Hours

Highest	Lowest	Average	Date Range	Source
11.25 Mar 2023	3 Jun 2014	6.11 %	2005-2024	N/A

In Mexico, interest rate decisions are taken by the Bank of Mexico (Banco de México). Starting January of 2008, Banco de México has adopted as an operating target the overnight interbank rate (tasa de fondeo bancario) instead of the level of commercial banks’ current account balances at the central bank (corto).

Latest Updates

The Bank of Mexico lowered its benchmark interest rate by 25 basis points to 11.00% during its March 2024 meeting, aligning with expectations and marking the first rate cut after seven consecutive pauses. The governing council noted expectations for increased economic activity in Q1 2024, supported by a robust labor market. Despite a temporary uptick in inflation at the end of 2023 and early 2024, annual inflation decreased to 4.40% in February 2024, mainly due to non-core component reversals, while core inflation continued its downward trend. Inflation forecasts for 2024 and 2025 were slightly revised downward, although long-term expectations remain above the target. Despite these challenges, the Board maintains a restrictive monetary stance to support inflation convergence to the 3% target. Future decisions will hinge on available information, inflation trends, and the impact of current monetary policy on inflation dynamics.