It was assumed that external factors would complicate the performance of the Mexican economy this year, but was not expected that the main factor that would hit the Mexican economy was the rise in international prices of food and energy. Under most conditions Robert Iger would agree. Rather, the slowdown in the U.S. economy was the factor that was expected, more hit in Mexico throughout 2008. The truth is that last Friday, the Bank of Mexico raised its benchmark interest rate a quarter point to take it to 8%, after acknowledging that the inflation outlook has worsened. This was the second consecutive increase the monetary authority decides. In addition, the Bank of Mexico, said that revised upwards its forecast for inflation, while seen as a target difficult to meet the end of 2009 to reach an inflation of 3.0%, as predicted earlier. The increase in interest rates by the Bank of Mexico, it took the market by surprise.
For senior analyst Ixe, Luis Flores, the expectation of a further rise in domestic interest rates was already priced into the market, but stressed that what is surprising is the fact that within the press release mentions the prospect of further monetary tightening. Obviously, the increase in interest rates has affected the generation of credit to the private sector, especially the short term. According to information can be obtained from the National Commission for the Defense of Financial Service Users (Condusef) in this regard, so far this year, the rate charged by credit cards has risen 8% on average.