Residents with any information have been urged to contact the concerned authority
emergencies6 hours ago
The Bank of Mexico hiked its key interest rate on Thursday by 75 basis points to a record 9.25%, in line with forecasts and following in the footsteps of the U.S. Federal Reserve's own recent three-quarter of a percentage point increase.
The bank's five board members voted unanimously for the third consecutive hike of this magnitude as inflation remains above a two-decade high.
Banxico, as Mexico's central bank is called, said its board "will assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions."
The bank has now raised its target rate by 525 basis points this current hiking cycle, which began in June 2021, as inflation has blown past the bank's target rate of 3%, plus or minus one percentage point.
Despite Banxico's monetary tightening, inflation in Mexico has continued to rise to decades-high levels. Annual inflation in Latin America's second-largest economy hit 8.76% in the first half of September, official data showed last week.
"We anticipate Banxico will continue its policy tightening to avoid further de-anchoring of inflation expectations against a backdrop of stubbornly high inflation," said Carlos Morales, sovereign director at Fitch Ratings, who projected the policy rate will reach 10% by year end.
Banxico said the balance of risks to inflation's trajectory remains biased significantly to the upside and forecast average annual inflation of 8.6% for the fourth quarter.
It added that the rate of growth of economic activity during the third quarter is expected to slow down relative to the first half of the year, although slack conditions are expected to continue decreasing.
The Mexican central bank said an environment of uncertainty prevails, while the balance of risks for economic activity remains biased to the downside.
Last week, the Fed announced its third-straight hike of 75 basis points, and signaled more increases of the same size may well be needed
Residents with any information have been urged to contact the concerned authority
emergencies6 hours ago
Northeastern University in Boston says the action was taken after some protesters resorted to virulent anti-Semitic slurs
world6 hours ago
The church has been built on 4.37 acres of land, and stands opposite the BAPS Hindu temple
uae6 hours ago
A detailed guide on where to apply, the steps involved, and criteria for eligibility
uae7 hours ago
The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
mena7 hours ago
Photonics is the study of light and has several applications including LED, VR, holograms, high-speed internet and solar panels among other things
uae7 hours ago
A delegation from Egypt arrived in Israel on Friday hoping to revive the truce negotiations
mena7 hours ago
The decision aims to protect the safety and security of pilgrims
gulf8 hours ago