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Business

Banxico Anticipate High Interest Rates

Financial institutions anticipate that the interest rate will be at 6.25 percent

Banxico president Agustín Carstens officially resigns his post on December, 2016, to go into effect July 1, 2017, photo: Cuartoscuro/Isaac Esquivel
By The News Whatsapp Twitter Facebook Share
8 months ago

Due to inflation because of higher energy prices and a rise in fuel imports, Mexico’s Central Bank (Banxico) will increase the local interest rate by 50 points next Thursday. Financial institutions anticipate that the interest rate will be at 6.25 percent.

According to Citibanamex, Banxico could act aggressively with an increase of half a percentage point due to the uncertainty in certain financial variables of the country. However, it also acknowledged that due to a sudden change — such as the falling dollar — it also could not rule out an increase.

On the other hand, Finamex Casa de Bolsa, considered the rise of 50 points necessary, as it could prevent a greater increase in the price of gasoline.

Similarly, Santander estimated that Banxico will raise the interest rate to 6.25 percent in response to the rapidly deteriorating expectations of inflation, the effects of rising energy prices, as well as the high level of uncertainty regarding the relationship between Mexico and the United States.

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