Earlier, the Bank of Mexico reported that in the interbank market the dollar ended at 24.2480 pesos.
However, after the official closing (1:30 pm) the dollar advanced to a maximum of 24.56, despite the announcement by the Central Bank of a cut of 50 basis points to the interest rate, after advancing the monetary policy decision of 26 to March 20.
“In our assessment, in light of recent notable internal and external macro and financial developments – sharp tightening of financial conditions, severe internal and external shock to activity – the cut of 50 basis points was a disappointing move, particularly for an extraordinary decision between meetings and given the starting point of a restrictive policy rate level of 7.0 percent ”, explained Alberto Ramos, Chief Economist for Latin America at Goldman Sachs.
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