In 2008 the Bank of Mexico formally replaced its policy instrument, moving from a quantitative guideline (the “corto”) to the overnight interest rate used in the interbank market.
In the middle of that year, to counter pressures from currency depreciation and other supply  BIS central bankers’ speeches  3  shocks which had pushed inflation off the convergence path to its permanent target, the Bank of Mexico raised its reference interest rate by 75 basis points.