Bank of Mexico Raised Interest Rates to 9.25 Percent

Posted on 10/03/2022

On September 29, 2022, the five board members of the Banco de Mexico (Bank of Mexico) unanimously agreed to increase the target for the overnight interbank interest rate by 75 basis points to 9.25%. Also known as Banxico, the Bank of Mexico agreed to raise its key benchmark interest rate for the eleventh straight time. The central bank is trying to tame out-of-control inflation within the Mexican economy.

“Global inflation continued to grow in an environment where imbalances between supply and demand persist in various markets, along with high food and energy prices,” Banxico said.

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