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Banco de México

MXN · Official Website

Latest Statement

🕊️ Dovish

Banxico Monetary Policy Statement - December 18, 2025

2025-12-18

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.00%, effective December 19, 2025, in response to declining global economic activity and persistent inflation pressures. The central bank acknowledges ongoing trade tensions and geopolitical risks that may impact economic growth and inflation forecasts.

The overnight interbank interest rate is reduced to 7.00% to stimulate economic activity amid global economic slowdown.
Headline inflation increased slightly to 3.80%, while core inflation rose to 4.43%, indicating persistent inflationary pressures.
Economic activity in Mexico is expected to remain weak, with significant downward risks due to uncertainty and trade tensions.

⚡ Rate

↑0 ↓2 →0

🗣 Dissent

↑0 ↓1

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.00%, effective December 19, 2025."

⚡ Rate Cutmp_interest_rate

"Thus, with the presence of all its members, the Board decided by majority to lower the target for the overnight interbank interest rate by 25 basis points to 7.00%."

🗣 Dissent Dovishmp_interest_rate

"Jonathan Heath voted in favor of maintaining the target for the overnight interbank interest rate at 7.25%."

Bank Profile

Mandate

Price stability (3%±1% CPI)

Decision Types

Target overnight interbank rate, Forward guidance

Policy Instruments

Overnight interbank rate, Open market operations, FX intervention (hedging program), Deposit auction facilities

Target Indicators

CPI inflation (3%±1%), Core inflation, Inflation expectations, Output gap

Communication Style

Detailed statements, board member vote disclosure, balance of risks assessment

Committee

Governing Board - 5 members (Governor + 4 Deputy Governors)

Economic Indicators

Policy Rate	7.00%
USD/MXN	17.15
GDP Growth	1.8%
M2 Growth	9.5%
10Y Yield	9.21%
2y10y Spread	-0.59%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Key Commodities

Top traded commodities for Mexico

Commodity	Price	1D	30D
WTI Crude Oil	66.36 USD/barrel	-0.5%	+14.9%
Copper	12,986.61 USD/mt	+10.1%	+53.2%

Recent Statements

Banxico Monetary Policy Statement - November 13, 2025 🕊️ Dovish

2025-11-13

⚡ Rate

↑0 ↓1 →0

🔮 Guidance

↑0 ↓2

🗣 Dissent

↑1 ↓0

📝 Classified Sentences

🗣 Dissent Hawkishmp_interest_rate

"Jonathan Heath voted in favor of maintaining the target for the overnight interbank interest rate at 7.75%."

⚡ Rate Cutmp_interest_rate

"Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.50%, effective September 26, 2025."

🔮 Guidance Dovishmp_interest_rate

"The Governing Board deemed appropriate to continue the rate-cutting cycle."

🔮 Guidance Dovishmp_interest_rate

"Looking ahead, the Board will assess further adjustments to the reference rate."

Banxico Monetary Policy Statement - November 6, 2025 🕊️ Dovish

2025-11-06

⚡ Rate

↑0 ↓1 →0

🔮 Guidance

↑0 ↓2

🗣 Dissent

↑1 ↓0

📝 Classified Sentences

🗣 Dissent Hawkishmp_interest_rate

"Jonathan Heath voted in favor of maintaining the target for the overnight interbank interest rate at 7.50%."

⚡ Rate Cutmp_interest_rate

"Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.25%, effective November 7, 2025."

🔮 Guidance Dovishmp_interest_rate

"The Governing Board deemed appropriate to continue the rate-cutting cycle."

🔮 Guidance Dovishmp_interest_rate

"Looking ahead, the Board will evaluate reducing the reference rate."

Banxico Monetary Policy Statement - August 7, 2025 🕊️ Dovish

2025-08-07

⚡ Rate

↑0 ↓2 →0

🗣 Dissent

↑0 ↓1

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.75%, effective August 8, 2025."

⚡ Rate Cutmp_interest_rate

"Thus, with the presence of all its members, the Board decided by majority to lower the target for the overnight interbank interest rate by 25 basis points to 7.75%."

🗣 Dissent Dovishmp_interest_rate

"Jonathan Heath voted in favor of maintaining the target for the overnight interbank interest rate at 8.00%."

Banxico Monetary Policy Statement - June 26, 2025 ⚖️ Neutral

2025-06-26

⚡ Rate

↑0 ↓2 →0

🔮 Guidance

↑1 ↓0

🗣 Dissent

↑1 ↓0

📝 Classified Sentences

🔮 Guidance Hawkishmp_interest_rate

"Looking ahead, the Board will assess further adjustments to the reference rate."

🗣 Dissent Hawkishmp_interest_rate

"Jonathan Heath voted in favor of maintaining the target for the overnight interbank interest rate at 8.50%."

⚡ Rate Cutmp_interest_rate

"Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 50 basis points to 8.00%, effective June 27, 2025."

⚡ Rate Cutmp_interest_rate

"Taking into account the current inflationary outlook and the prevailing level of monetary restriction, with the presence of all its members, the Board decided by majority to lower the target for the overnight interbank interest rate by 50 basis points to 8.00%."

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