Banks › Bank of Mexico › History › 5 Feb 2026
Bank of Mexico: decision of 5 February 2026
Banco de México's Governing Board held the target for the overnight interbank interest rate at 7.00%, pausing its rate-cutting cycle.
Decision
hold
- Rate
- 7.00%=7.00%
- Change
- 0 bp
- Vote
- unanimous
- Announced
- 13:00 Mexico City time
Sources
- Statement
- banxico.org.mx/publications-and-press/announ…
- Minutes
- banxico.org.mx/publications-and-press/minute…
- Recorded
- 5 Feb 2026
- Data
- JSON
What the bank said
The Board said it paused the rate-cutting cycle after revising its headline and core inflation forecasts upward, mainly because of a higher-than-anticipated path for core inflation.
It said headline inflation was 3.77% in the first fortnight of January while core inflation rose to 4.47%, and headline inflation was now expected to reach the 3% target in the second quarter of 2027.
It said it needed to keep evaluating the impact of the fiscal adjustments made at the start of the year, along with the exchange rate, weak economic activity and the restriction already in place.
Guidance. The Board said it would evaluate additional reference rate adjustments, taking into account all determinants of inflation.
“Looking ahead, the Board will evaluate additional reference rate adjustments.”
Before and after
- Previous decision: 18 Dec 2025, cut the target for the overnight interbank interest rate by 25 bp to 7.00%.
- Next decision: 26 Mar 2026, cut the target for the overnight interbank interest rate by 25 bp to 6.75%.
- All Bank of Mexico decisions and the rate history