IMF praises Bank of Mexico for not intervening in FX market

Peso strengthens against regional peers following lack of intervention from central bank

Bank of Mexico

The International Monetary Fund has praised the Bank of Mexico for choosing not to take action against peso movements in recent months.

Over the year, the central bank has been easing monetary policy in the context of widening negative output gap and declining inflation.

In August, it reduced interest rates by 25 basis points. A month later it repeated the action, leaving interest rates at 7.75%.

“Meanwhile, it did not intervene in the market, which allowed the peso to adjust freely to shocks

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