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MNI BRIEF: Banxico Holds Rates At 11%, One Dissent For Cut

Mexico's central bank maintained its overnight interbank interest rate at 11% Thursday for the second consecutive meeting, with Deputy Governor Omar Mejía dissenting in favor of a 25 basis point rate cut.

"Looking ahead, the board foresees that the inflationary environment may allow for discussing reference rate adjustments," said the statement. The Mexican peso had depreciated, policymakers said, but more recently, domestic financial markets have displayed "better behavior."

Last month, Banxico also kept its overnight interbank interest rate steady at 11% after a single 25 basis point cut in March, and said that the board might discuss "adjustments" in the upcoming meetings, depending on the inflationary environment. (See MNI INTERVIEW: Banxico Needs Better Data For More Cuts-Sanchez)

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