Banco de Mexico board leaves overnight interest rate unchanged at 4½%

By Caroline Salls

Pittsburgh, Sept. 24 - The Board of Governors of the Banco de Mexico held its overnight interest rate at 4½%, according to a news release issued by the bank.

The board noted that the economic recovery in the advanced countries remained modest, while the emerging markets show strong growth, particularly in Asia.

In Mexico, both production and manufacturing exports grew at accelerated rates, but the board noted that this growth could moderate based on the outlook in the economy of the United States.

The board said the latest inflation figures were better than expected, and it expects inflation to increase toward the end of the year but resume a downward trend in 2011.

Since the current policy level was deemed correct to bring inflation to the target level of 3% by the end of 2011, the board decided to leave the interest rate at 4½%.

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