Banxico Signals Long Hold at 6.25% After Split-Vote Cut

Bank of Mexico Governor Victoria Rodriguez Ceja said holding the policy rate at 6.25% “for an extended period” will help bring inflation back to target, days after a surprise cut split the board.

MoneyTurkey Currencies Desk | 9 November 2026

Key points

• Banxico cut its rate by 25 basis points to 6.25% last week on a 3-2 vote; Deputy Governors Galia Borja and Jonathan Heath wanted to hold at 6.50%
• Rodriguez told El Financiero the board had been considering a cut since September
• The peso firmed: USD/MXN was at 18.52 late on Monday, down 1.4% from Friday’s 18.78, Yahoo Finance data show

What she said

In the interview, reported by FXStreet, Rodriguez said that keeping the rate at its current level “for an extended period will support the convergence of inflation to the target and will be adequate to address external macroeconomic challenges.” Inflation has kept rising, though it is still inside Banxico’s 3% target band of plus or minus one percentage point.

On the currency, she said the peso is still stronger than its average level against the dollar in 2025. “The pass-through of exchange rate fluctuations to consumer prices in Mexico is small,” she said, adding that this is even more noticeable when the economy has slack.

Why it matters for the peso

A lower rate narrows the yield gap that has supported the peso, but guidance towards a long pause limits how far traders can price further cuts. The two dissents show a divided board.

What to watch

• Minutes of the November meeting, for detail on the 3-2 split
• Mexican inflation data against the 2% to 4% band
• USD/MXN against its 2025 average

Related on MoneyTurkey

• Chinese banks lift dollar deposit rates above US benchmarks to slow the yuan rally
• Japan spent a record $50 billion in one day defending the yen in July, data show

For information only. Not investment advice.

Sources

• FXStreet, citing El Financiero
• Yahoo Finance, USD/MXN