Current account and fiscal deficits have remained moderate relative to GDP. Furthermore, the ratio of private-sector credit to output, if anything, stayed too low if international comparisons are taken into account. The growth in this ratio during the last few years has been one of the lowest among emerging economies, which poses challenges for making credit more available in Mexico.
Longstanding prudential regulation and more adequate business models have made the banking system solid, with healthy levels of capital, provisions and asset quality. Bank rules designed to forestall foreign currency mismatches cover deposits, net liabilities, net open positions and liquidity ratios.