Bank of Mexico (Banxico) decided to pause the interest rate cut for the second consecutive time to leave the benchmark unchanged and at a level of 11%, the pause occurs after the episodes of post-election volatility recorded in the local market, the depreciation of the Mexican peso against the Dollar after the election day of June 2 and the rise in inflation in the first half of June.

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After the decision, the exchange rate is quoted at $18.37 Mexican pesos, implying a depreciation of 0.28% compared to Wednesday's close (Mexico City 1:05 p.m.), Banxico's decision to keep the rate unchanged was also in line with what was expected by the majority of the analysts consulted for the Citibanamex survey.

General inflation in Mexico stood at 4.78% annually, which implied a rebound in prices compared to the second half of May and a brake on the disinflation process in the country.

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Banxico began its upward cycle in June 2021, when the interest rate stood at 4.25%, with 15 consecutive increases until it stopped in March 2023 when it parked the rate at a record level of 11.25%.

A year later on March 21, 2024, the Central Institute marked the beginning of a cycle of reductions with a cut of 25 basis points, at the May meeting it decided to pause the rate cut and with today's decision This pause extends until June. 

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Original Note.