Banxico Slashes Interest Rate by 50 Basis Points
The Bank of Mexico has cut its interest rate to 9 percent amid cooling inflation, Mexico’s lowest interest rate since September 2022
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The Bank of Mexico has cut its interest rate to 9 percent amid cooling inflation, Mexico’s lowest interest rate since September 2022
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However, Mexico’s total remittances received during the first seven months of 2024 still represented a year-over-year increase during the same period of the previous year
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Despite the current strength of the peso, the Bank of Mexico predicts the peso-to-dollar exchange rate will rise above 18 to 1 by the end of the calendar year
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The Bank of Mexico registered $9.85 million in remittances during January and February 2024
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Nearshoring picked up steam when the covid-19 pandemic exposed the considerable risks inherent in the supply chains for numerous critically important products and intermediate goods for which there was often a single supplier
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Global commentators have suggested that the political wildcard for 2024 will be the United States
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Despite the uncertainty associated with the upcoming elections, Mexico’s economic outlook for 2024 looks relatively stable, given a combination of U.S. demand, government spending and remittances
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concerns have emerged over the possibility of an expanding crisis as Iran confirmed its involvement in the Hamas attacks and Iranian-backed Hezbollah intensifies its presence along Israel’s northern border
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Amid all the geopolitical shifts, political changes are also coming in Mexico
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As a result, Mexico registered a trade deficit in April of almost $1.51 billion
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