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Deputy Fin Min Yorio Doesn’t Expect Banxico To Hike 50bps Next Week

MEXICO

Mexico Dep Finmin Gabriel Yorio Speaks At Eurasia Group Summit:

  • We will keep experience external shocks in 2022
  • Mexico GDP to be slightly below expected in 2021 & 2022
  • We will likely expect 5th and 6th waves of covid
  • Mexico growth now driven by internal sector
  • Mexico's inflation partly driven by economic recovery
  • Mexico discussing nearshoring on pharma and microchips
  • Hard to see monetary policy impacting short-term CPI
  • Mexico govt not considering price controls to slow CPI
  • Pemex needs step by step approach on debt
  • Don't see Banxico hike of 50bps in next meeting
  • Mexico to implement FX hedging program
  • Mexico moving very quickly on FX hedging
  • Expect congress to agree middle ground on energy reform (All BBG)

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