Banxico cut the reference rate to 10.5%, for the second time this year.

The Bank of Mexico (Banxico) is the central bank of Mexico, and its primary objective is to preserve the value of the national currency. It also promotes the development of financial and payment systems.

In August 2024, Banxico decided to lower the Overnight Interbank Interest Rate to 10.75%. This decision was made despite the increase in general inflation, as core inflation slowed down. Banxico anticipates that lower inflationary pressures could allow for further rate cuts in the future.

Source: El Economista, Banxico, BBVA