Mexico | Monthly report on banking and the financial system, January 2025

Summary

The effects of the exchange rate depreciation and the "Buen fin" influenced the acceleration of current credit to a nominal annual rate of 13.2% in November. This also influenced the acceleration of bank deposits up to 10.5% nominal. Going forward, the weakness of activity and employment points to a slowdown.

Key points

• Key points:
• Current credit to the non-financial private sector increased its growth in November 2024, partly due to the accounting effect of the depreciation.
• Bank deposits accelerated influenced by seasonal events and still high real interest rates.
• The Mexican financial system maintains an adequate capacity to face adverse situations.
• Changes to FED funds rate expected path temper optimism for risk assets.

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