Headline inflation has started to ease, but the Bank of Mexico (Banxico) continues with the increase in the reference interest rate. In the most recent monetary policy decision, the rate increased again by 50 basis points, thus standing at a maximum of 10.50 percent.
This increase of 650 base points from June 2021 to date (period in which it went from 4.00 to 10.50%) is already reflected in an increase in interest rates on bank loans, although not at the same level as the rate reference.
According to the Association of Banks of Mexico (ABM), practically all the portfolios already register a rate increase in new loans, although in most they are minor increases.
Personal loans, credit cards and payroll loans have interest rates of 42, 34 and 28% respectively.
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