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9 December 2022 | Other

Bank of Mexico rate hike cycle could end at 11%

USDMXN

Mexico's central bank (Banxico) monetary tightening cycle is likely to end in the first half of 2023. According to the statement of the Franklin Templeton executive, the benchmark interest rate in the Central Bank of Mexico could reach 11%. After this peak, policymakers will begin to gradually lower rates.

Banxico has raised its key rate by 600 basis points to 10.0% from mid-2021 to fight rising inflation.

Luis Gonzali, co-chief investment officer of Franklin Templeton’s Mexico unit, stated that the final rate will be at 11% as early as the first half of 2023. Gonzali also added that Banxico will start cutting rates in the latter part of next year.


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