The Bank of Mexico’s first-ever published minutes from a monetary policy meeting were well received by private economists Friday, who noted few surprises in the content or style, and applauded what they consider a step toward greater transparency.
The minutes weren’t unlike those long published by the U.S. Federal Reserve, with the release stating that “all of the members” of the Bank of Mexico’s board of governors agreed on certain points or that “one member” had particular concerns.
Bank of Mexico Gov. Agustin Carstens and his deputies unanimously voted to hold the key overnight lending target at 4.5% in the January policy meeting. The names of eventual dissenting voters won’t be published in the future in an effort to encourage candidness among board members. The Fed, by contrast, reveals which participants voted for or against interest rate decisions.