It is worth emphasizing that the Bank of Mexico does not target any level of the exchange rate. Its primary objective is maintaining low inflation, and Mexico adheres to a freely floating exchange-rate regime. This does not mean that movements in the exchange rate have no impact on inflation.
In fact, as mentioned, moderate pass-through has occurred from the exchange rate to consumer prices, concentrated in durable goods. But this may change, and monetary policy should remain vigilant. Some risks to the consolidation of convergence of inflation to the 3 percent permanent target prevail.