Mexico cenbank to keep rates on hold for some time - minutes

The Bank of Mexico's governing board said it is necessary to keep its benchmark interest rate at current levels for "some time" in order to bring inflation down to target, minutes from its last monetary policy meeting showed on Thursday. The Bank of Mexico, known as Banxico, unanimously held its key rate steady at 11.25% for a fifth straight time at its November 8 meeting, following a nearly two-year rate-hike cycle.

The Bank of Mexico's governing board said it is necessary to keep its benchmark interest rate at current levels for "some time" in order to bring inflation down to target, minutes from its last monetary policy meeting showed on Thursday.

The Bank of Mexico, known as Banxico, unanimously held its key rate steady at 11.25% for a fifth straight time at its November 8 meeting, following a nearly two-year rate-hike cycle. Banxico's five-member board has repeatedly noted the need to maintain rates on hold for longer than initially anticipated, flagging at its November meeting that while there had been advances in the disinflation process, the outlook remained "challenging."

Most of the board's members currently see inflation reaching the 3% target, plus or minus a percentage point, in the second quarter of 2025. Annual inflation ticked up in early November to 4.32%, official data published earlier on Thursday showed.

Closely watched core inflation, however, eased to 5.33% from 5.50%