Banxico latest publications

August 15, 2019

Banxico cuts rates but the (cautious) tone of the statement is largely unchanged

In spite of relatively hawkish wording, more rate cuts are on the way.

August 12, 2019

Rate cut is not off the table, but we expect Banxico to hold rates steady one more meeting

Banxico will likely strike a dovish tone to signal that an easing cycle is about to start.

July 29, 2019

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

Update of financial savings and financing indicators in Mexico. Credit limit raised by INFONAVIT. Market performance supported by expected interest rate cuts. Reports by Sociedades de Información Crediticia (Credit bureaus). Information received by SIC from financial institutions.

June 28, 2019

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

Mortgage lending increased, with higher average amounts and a slight increase in the interest rate. In 2018, payroll loans slowed their growth rate. The Financial System Stability Council (CESF) updates its risk balance. High concentration of demand for bank mortgage loans.

May 30, 2019

Banxico remains overly hawkish

In our view, the start of the easing cycle is likely to come later than warranted. Banxico remained overly hawkish in its quarterly inflation report (yesterday) and in the minutes of the last meeting (16 May) released today.

May 30, 2019

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

The CNBV publishes a new financial education indicator. The dynamism in private sector credit in 1Q19 reflects moderation in economic activity. Trade Tensions between the USA and China Increase Risks for Global Growth.

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.

May 14, 2019

Banxico to keep rates steady at 8.25% and stay hawkish

After April´s surprising increase in inflation, a more dovish tone is now unlikely in the short term.