Mexico City [Mexico], November 10:The Bank of Mexico (Banxico) announced the decision Thursday to keep the key interest rate unchanged, given the progress seen in the local disinflationary process.
In a monetary policy statement by its five-member board, Banxico decided not to adjust the overnight interbank interest rate of 11.25 percent for "a certain period."
"This takes into account that although the outlook is still perceived as complicated, progress has been made in the disinflationary process," the bank said.
With this decision, the monetary policy stance stays on the path to bring inflation to its 3.0 percent target, it added.
According to Banxico, the mitigation of shocks from the COVID-19 pandemic and geopolitical conflict, together with the monetary policy stance, have contributed to the ease of inflation.
"The board will closely monitor inflationary pressures, as well as all the factors that influence the expected trajectory of inflation and its outlook," it added.
Source: Xinhua