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

By Richard Connell

New York, Nov. 30 - 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 recent data has shown that the global economic recovery is continuing, a result of the monetary and fiscal stimulus plans of many major economies.

The board reiterated that the economic contraction in Mexico has been severe, but it pointed out that recent indicators show the economy to have begun a state of expansion.

The GDP in third-quarter 2009 showed an increase of almost 3% over the second quarter, and the council said it anticipates a similar gain in the fourth quarter.

Inflation declined in line with the forecast made in the previous inflation report, and the board forecasts it reaching 4% by the end of the year.

Assessing that the risks to inflation remained well-anchored for the medium term, the board left the interest rate at 4½%.

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