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Weekly Report - 3 May 2007
MEXICO: Central bank surprises government and markets
The central bank surprised and alarmed the government by increasing interest rates by 0.25 of a percentage point on 26 April to 7.25%. The finance minister, Agustín Carstens, made a rare criticism of the central bank's conduct of monetary policy by saying that the interest rate increase was precipitate. This spooked the markets further, so Carstens got his officials to issue a clarification on 2 May saying that the finance ministry respected the central bank's decision. What the markets feared was a conflict between the central bank and the finance ministry over economic policy.
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