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Bank of Mexico Raises Growth Forecast

Article Summary:

The Bank of Mexico estimates that the Mexican economy in 2012 will grow between 3.25% and 4.25%; the entity considers that solid economic fundamentals should support the weight, as the entity is more depreciated than it should be at the moment. 

Photo Credit: CNN Expansion

Original Article Text From CNN Expansion via Google Translate :

Banxico raises growth Forecast

The Bank of Mexico (central) on Wednesday raised its growth forecast for the local economy in 2012 and argued that its solid fundamentals should support the weight, as the entity is more depreciated than it should .
The Central Bank now projects an economic expansion this year of between 3.25% and 4.25%, from a previous range of 3% to 4%, the best figures reported in the United States.

The Mexican economy has been growing and flexible exchange rate system in Mexico has helped the country to cushion external volatility, which has led the Mexican peso in April and May clear much of the gain of almost 9% recorded in the first quarter.

“We think, as we have seen in other episodes, which eventually could give a correction in the exchange rate,” said the head of the entity, Agustin Carstens, in presenting the report first-quarter inflation.

“We think these volatilities can be temporary,” he added.

The monetary authority said that by 2013 it maintained its forecast of growth of gross domestic product (GDP) ranging between 3% and 4%.

Regarding inflation, the bank said that for this year and next year the forecast lies in the range of between 3% and 4%, which is consistent with the current monetary stance.

Banxico has kept intact the key interest rate since July 2009 by 4.5%.

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From CNN Expansion

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