Banxico
Banxico ends rate cut cycle and sets rate at 6.50%
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Banco de México cut its interest rate by 25 basis points to 6.50 percent, ending a cycle of reductions that began in March 2024. The move followed April inflation slowing to 4.45 percent annually. Two board members voted against the decision.
Mexico's central bank cut its benchmark rate to 6.75% in a split decision, as global markets closed lower amid the US-Iran war. The BMV fell 1.65%, and the peso depreciated 1% against the dollar. Oil prices rose due to the Strait of Hormuz closure.
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The Mexican peso ended the session up 0.15% against the dollar at 17.76 pesos per unit, per Banco de México data. Traders assessed the feasibility of a ceasefire in Iran ahead of Banxico's monetary policy decision on Thursday. Analysts forecast the currency to hold in a 17.65-17.85 pesos per dollar range.
The Bank of Mexico (Banxico) will suspend the Interbank Electronic Payment System (SPEI) from 6:00 p.m. to 8:00 p.m. on Friday, October 24, 2025, for scheduled maintenance. This pause will impact interbank transfers across most Mexican banks, so users are advised to complete operations in advance to avoid delays or rejections.