MXN review

The Mexican Central Bank Minutes of the meeting held on April 30 that we released yesterday showed that members were against a rate hike at this point of time and that the costs of hiking rates would be higher than the benefits of such a move, especially before the US hikes rates. 

Mexico's economy is heavily dependent on crude oil and the fall in crude oil prices has sent shock waves through the economy where one third of the Federal Budget is funded by oil revenues. Inflation is currently around the 3 percent that the Central Bank targets.