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Latin American Economy & Business - December 2016 (ISSN 1741-7430)

Mexico: Carsten tightens – and leaves

On 15 December, Mexico’s central bank (Banco Central de México, Banxico) raised its benchmark interest rate by 50 basis points (bps) to 5.75%, double the 25bps increase expected. The Banxico move came after a 25bps rise in US Prime rate, announced by the Federal Reserve a day earlier, and after news that the long-serving Banxico head, Augustín Carstens, will step down in July 2017 to move to a new role at the helm of the Bank for International Settlements (BIS).

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