LatinNews Daily - 28 June 2022

In brief: Moody’s welcomes Mexico’s interest rate hikes

* International credit ratings agency Moody’s has said that the multiple interest rate hikes implemented by Mexico’s central bank (Banxico) are positive for credit purposes. Banxico announced its most recent hike, of 75 basis points, on 23 June. This brought the benchmark interest rate to 7.75% - up from 4% in May 2021 - and constituted the ninth consecutive rate hike. Moody’s stated that the increases had “boosted net interest margins for banks with large commercial portfolios” and would keep funding costs low.

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