Since our September 2014 monetary policy decisions, the MRO rate has been fixed at 5 basis points, the marginal lending rate at 30 basis points, and the deposit facility rate at minus 20 basis points. Under normal circumstances, the so-called “policy rate” of macroeconomic models would correspond to our MRO rate.
Although Mexico has recently fared well in terms of external demand, in part because of gradual geographic diversification, dampened activity in the United States is already affecting Mexican growth performance and forecasts.5 Despite these constraints, emerging economies are in a better situation than those of advanced countries.