Mexico leaves overnight interest rate unchanged at 4½%

By Richard Connell

New York, Nov. 29 - The Board of Governors of the Banco de Mexico held its overnight interest rate at 4½% at its meeting on Friday, according to a news release issued by the bank.

The board of the Mexican central bank noted that the global economy has been continuing to grow but at a slower pace due to weakened domestic demand in the major economies and weak consumer confidence.

In Mexico, both industrial production and manufacturing exports continue to grow, although recent indicators show a moderate slowdown in the pace of expansion.

Inflation rose in October, following months of a downward trend, but in line with earlier forecasts, due mostly to increases in prices of agricultural products.

Looking forward, the board anticipates inflation continuing to rise through the remainder of 2010 before resuming its downward trend in 2011.

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