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Banxico, Finance Ministry Stress Safety of Bank System

MEXICO
  • Banxico governor Rodriguez spoke yesterday, stating that Mexican banks are all well solvent, with enough liquidity and that the system as a whole is well capitalized. As such, she rules out the US banking crisis impacting Mexico. She stated that core inflation, however, remains unfavourable, with global price pressures remaining elevated.
  • The finance minister underscored that sentiment in an interview yesterday, stating that Mexico does not have to worry about systematic contagion – with the system as a whole not having an issue. Ramirez also clarified his country’s openness to working on food trades with other Latam territories, and are seeking deals to lower the inflation rate.
  • Remittances are seen hitting annual records of over $60bln this year, according to AMLO, who also outlined intentions for government spending of over MXN 1trl in infrastructure investments.
  • The second day of the 2023 Banking Convention Friday, with appearances from Hillary Clinton as well as deputy finance minister Yorio – who closes the convention at 2.30pm local time. Separately to the event, finance minister Ramirez is holding a press conference in Yucatan at 10am local time.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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