Banco de Mexico leaves one-day interbank overnight funding rate unchanged at 8.25%

By Richard Connell

New York, Dec. 1 - Banco de Mexico's Board of Governors left its one-day interbank overnight funding rate unchanged at 8.25%, forecasting that inflation will meet the bank's target rate by 2009.

The board noted that the economic slowdown in the industrialized countries, particularly the United States, has adversely affected the Mexican economy, as reflected in data regarding exports, private consumption and employment and wages.

The board believes that the economic slowdown combined with lower energy prices will help to bring inflation within its target range by 2009.

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