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Banxico Governor assures market stability amid Mexican Peso volatility

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Banxico News

Mexico,USDMXN

Bank of Mexico (Banxico) Governor Victoria Rodriguez Ceja commented on Wednesday that the central bank has the tools to intervene in the markets and restore market order after the Mexican Peso depreciated more than 9% following the June 2 election.

Banxico Governor Rodriguez Ceja attributes Peso volatility to external factors, not solely domestic political issues. USD/MXN surged from 16.91 to 18.99 after the June 2 election, with 10-year Mbono yield rising to 10.74%. Banxico may deploy a $30 billion hedging program to stabilize markets; USD/MXN currently retreats below 18.80, down 0.87%.

15 after the Peso crashed to a new multi-month low. Banxico FAQs What is the Bank of Mexico? The Bank of Mexico, also known as Banxico, is the country’s central bank. Its mission is to preserve the value of Mexico’s currency, the Mexican Peso , and to set the monetary policy. To this end, its main objective is to maintain low and stable inflation within target levels – at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%.

 

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