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    May 16, 2019

    Banxico leaves rates and tone unchanged

    As widely expected, Banxico left the monetary policy rate unchanged at 8.25%. The decision was unanimous, as we anticipated. The wording and tone of the statement remained hawkish and was little changed from the previous one (March 28). As we anticipated, the hawkish tone continues to signal a cautious approach.

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    May 13, 2019

    Mexico | In March, the credit continued to grow at double digits

    In March 2019 the nominal annual growth rate of the balance of the current loan portfolio granted by commercial banks to the non-financial private sector of 10.8% (6.2% real). This rate was higher than the previous month (10.0%) and was also lower than the same month of 2018 (11.7%).

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    May 13, 2019

    Mexico |Higher probability of stabilizing production w/greater fiscal incentives for Pemex

    Today Pemex signed a letter of commitment with three financial institutions to refinance USD 2.5 billion of its debt. It also renewed two lines of credit worth USD 5.5 billion, extending the repayment period from three to five years.

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    May 10, 2019

    Mexico | Labor Reform: significant progress for labor markets

    On May 1, a decree amending various laws that constitute the so-called labor reform was published.In order to fully assess the reform it will be necessary to wait for the secondary regulations to be published and for it to be implemented.

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    May 2, 2019

    Mexico | Migration is a guiding principle for 2019-24; remittances total 36-month growth

    The Government of Mexico presents the National Development Plan 2019-2024, with migration being one of its 12 guiding principles. The Plan seeks to prevent people from migrating due to lack of opportunities or insecurity. In March, 2,897md in remittances (+8.3%) entered Mexico, and in 2019Q1 they accumulated 7,699md (+7.1%)

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    April 26, 2019

    Mexico | Moderation of traditional bank deposit continues

    In a context of economic slowdown and short-term rates at their highest level since 2009, traditional bank deposits show, in February, a fall in their growth rate to 7.5% annual nominal (3.4% real), a figure not observed since the beginning of 2014.

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    April 24, 2019

    Mexico | Monthly Report on Banking and the Financial System. April 2019

    The CESF reviews its balance of risks, highlighting the increase of foreign risk. The CNBV announces a new publication on financial inclusion. The economic slowdown and unchanged interest rate expectations are the main factors behind financial market movements.

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