Banco de Mexico holds interbank one-day interest rate at 4½%

By Richard Connell

New York, Oct. 16 - The Board of Governors of the Banco de Mexico left its one-day interbank interest rate at 4½% at its meeting on Friday, according to a news release issued by the bank.

The board noted that the global economic recovery seems to be continuing, led by the monetary and fiscal stimulus plans of many major economies.

The board looked at recent economic indicators in Mexico, including industrial production, employment and consumer confidence, which tended to support the idea that the economy has bottomed out.

The board is anticipating an increase in GDP in the second half and estimates a growth rate of 3%, seasonally adjusted.

Inflation in Mexico continued to decline, as forecast in the last two inflation projections, and is expected to reach about 4% by the end of the year.

With the goal of having inflation drop to the inflation target of 3%, the board opted to hold its interest rate at 4½%.

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