February 12, 2015
02/12/05 Wall Street Journal
The Bank of Mexico’s five board members voted unanimously last month to keep interest rates unchanged, a day before the government unveiled a series of budget cuts to address the drop in oil prices and expectations of more difficult financing conditions ahead.
The central bank, led by Agustin Carstens, left the overnight lending rate target at 3% for a fifth consecutive meeting Jan. 29.
September 30, 2014
A gradual rise in interest rates in the United States is likely to generate some market volatility in Mexico, but the fundamentals of Latin America’s no. 2 economy are sound, Mexican central bank governor Agustin Carstens was quoted as saying on Tuesday. “At the end of the day, the increase in interest rates will lead to a readjustment of portfolios, which in this readjustment process could cause volatility,” Carstens told Mexican financial daily El Financiero in an interview. “Certainly we’re going to have a certain amount of volatility, nevertheless … the macroeconomic fundamentals in Mexico are good,” he added.
June 25, 2014
Mexican consumer prices rose in the first half of June as the central bank unexpectedly cut the nation’s key interest rate.
Prices gained 0.08 percent, compared with the 0.1 percent median forecast of 22 economists surveyed by Bloomberg. The annual inflation rate climbed to 3.71 percent from 3.58 percent two weeks earlier, remaining below the 4 percent upper limit of the bank’s target range.
January 8, 2010
Mexico’s new central bank chief said on Friday he would not raise interest rates for now and suggested the finance minister could attend
monetary policy meetings to improve cooperation on the economy.
In his first speech since taking over the central bank at the start of the year, Agustin Carstens said recent hikes in taxes and fuel prices would temporarily boost inflation but would not affect monetary policy decisions unless consumer behavior was substantially altered.
“Although the rise in taxes and fuel prices has created an increase in prices and an expectation of inflation, the effect will be transitory and limited and will fade within a year, which means there will be no need for an adjustment in monetary policy,” Carstens said in a university speech.
April 15, 2009
Mexico’s Senate finance committee approved a bill that would allow the central bank to limit interest rates and fees that banks can charge.
“Banco de Mexico will ensure that institutions give loans or credit in accessible and reasonable conditions, and it will take corrective measures so that operations are offered under those terms,” the bill says. The initiative will now move to the floor of the Senate.
March 26, 2009
Committees in Mexico’s Senate approved a proposal to curb high interest rates and fees that banks charge customers, possibly setting up the proposal for a final vote before July’s midterm elections.
Senators from Mexico’s three main parties voted late on Wednesday in favor of more government controls on bank charges.
The full Senate is expected to vote on the bill soon. If passed, the measure would be sent to the lower house for final approval.
March 15, 2009
El Universal, 3/15/2009
The Senate leader of the Party of the Democratic Revolution, Carlos Navarrete Ruiz, called for financial institutions to moderate the interest rates they charge. If they fail to do so, he said, Congress will intervene.
He alleged that the Bank of Mexico and organisms such as the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) tend to “take the side of bankers.” He added, “that is not their duty.”