Banco de México cut its target for the overnight interbank rate by 25 basis points, to 6.25%, on 5 Nov 2026, effective 6 Nov, according to the bank's statement. The vote was 3 to 2. Governor Victoria Rodríguez Ceja and Deputy Governors José Gabriel Cuadra García and Omar Mejía Castelazo voted for the cut; Deputy Governors Galia Borja Gómez and Jonathan Heath voted to hold the rate at 6.50%.
Banxico's target rate at year-end, 2008 to 2026
Percent; 2026 as of 6 Nov
A cut after three holds
The bank had left the rate at 6.50% at its three previous decisions, on 25 Jun, 6 Aug and 24 Sep 2026, after a cut on 7 May. The statement calls this move a one-off adjustment, an "ajuste puntual", and says the board considers that holding the rate at the level reached for a prolonged period will support inflation's return to its target.
The cut came while headline inflation was rising. It went from 3.42% in the first half of Sep to 3.62% in the first half of Oct, pushed by non-core prices, while core inflation eased from 3.79% to 3.78%. The bank raised its headline forecast for the fourth quarter of 2026 to 3.7%, from 3.5% in Sep, still expects inflation to reach the target in the fourth quarter of 2027, and sees the balance of risks tilted upward. It also points to slack in the economy and to downside risks for activity, which may help explain why a majority chose to cut.
Where the rate has been since 2008
Across the 161 decisions Banxico announced from Feb 2008 to 5 Nov 2026, the target rate ran from a low of 3.00%, in 2014 and 2015, to a high of 11.25%, reached on 30 Mar 2023 and kept until the first cut of this cycle, on 21 Mar 2024. Since then, the bank has lowered it 16 times, by 500 basis points in all. At 6.25%, the rate is at its lowest since Mar 2022, when it stood at 6.00% before rising to 6.50%, by our count of the bank's decisions. The sharpest years were 2009, when the bank cut 375 basis points, and 2022, when it raised the rate by 500.
The rate closed 2025 at 7.00%, after 300 basis points of cuts that year. In 2026, the bank has cut three times, by 75 basis points, and held four times, by our count.
What the statement says next
Two of five votes against a cut suggests a divided board, and in our reading the statement's guidance points to a pause rather than a new run of cuts. The bank publishes the minutes of this meeting on 19 Nov 2026 and its next decision on 17 Dec 2026, according to its 2026 calendar. The long record: why-mexico.com.
Sources
- Banco de México, monetary policy announcement, 5 Nov 2026, 5 Nov 2026
- Banco de México, monetary policy announcements by date, 6 Nov 2026
- Banco de México, 2026 calendar of decisions and minutes, 6 Nov 2026
- Rutanamex, Banxico's rate since 2008 (all 161 decisions), 5 Nov 2026
- Wikipedia, Bank of Mexico (context), 6 Nov 2026
Figures checked at their original sources on 6 Nov 2026. See an error? Corrections.