According to Banxico, Mexico's economy faced a complex and uncertain environment during 1Q23 and early 2Q23. Inflationary pressures were easing, but inflation remained at elevated levels with resistance to decrease. Nevertheless, despite the challenges, Mexico's economy has shown resilience and is expected to maintain stable growth.
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Mexico faced a complex and uncertain economic environment during 1Q23 and early 2Q23, explains Banxico. However, the central bank noted that various inflationary pressures continued to ease and that general inflation decreased in numerous countries. Nevertheless, inflation remained at elevated levels and its underlying component showed resistance to decrease.
Mexico's economy continues to showcase resilience, defying challenges and maintaining stable projections for the upcoming quarters, according to Credit Suisse analysts. Mexico's inflation is expected to decrease further in the coming months, paving the way for a gradual shift in the central bank's approach. Experts anticipate a series of interest rate cuts starting in 4Q23.
Remittances have been sharply rising throughout 2023. They increased by 6.3% year-on-year in April 2023 for a total of US$ 5 billion, reports Banxico. Between April and January of 2023, remittances amounted to US$18.98 billion, a 10.1% increase over the same period in 2022. Electronic transfers have become the preferred method to transfer money.
Banca Afirme has launched its digital bank "Billú," a significant development in Mexico's financial sector. This banking service aims to provide customers with seamless and secure financial solutions through cutting-edge technology and Artificial Intelligence (AI). Billú is poised to revolutionize how customers engage with their finances by offering various digital services and exclusive benefits.
The Mexican Institute of Finance Executives (IMEF) and the Women in Finance Association (MEF) presented the IMEF-MEF 2023 Gender Equity Award, an honor given to companies based in Mexico that recognize the significance and development of women in various productive sectors and that have successfully fostered a culture of gender equality.