Mexico - Lending Rate

For Mexico, key interest rates: bank funding rate, government funding rate, interbank equilibrium rate (TIIE) and "compounded in advance" variant thereof for tenors of overnight, one, three and six months.

• Measurement: Percent per annum (% p.a.)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Business daily (Monday to Friday)
• Start date: As early as 23 Mar 1995

Interest rate is determined every banking day by Reuters with quotes on offered inter-bank deposits given by domestic commercial banks and are calculated based on a weighted average.

The interbank interest rate equilibrium (TIIE, "tasa de interés interbancaria de equilibrio") at 28 days is determined by the Bank of Mexico based on contributions made by credit institutions, taking as the starting date of its publication in the Official Journal of the Federation. The procedure for calculating the rate set out in Circular 2019/95 issued by the Bank of Mexico and in the Official Journal of the Federation on March 23, 1995. This series draws on start date of publication in the Official Gazette

Monetary policy is the set of actions taken by Banco de México to influence interest rates and inflation expectations in order to make price behavior consistent with the objective of ensuring an environment of low and stable inflation. In order to accomplish this objective the central bank has defined an operating target to guide its implementation of monetary policy. Since January 21, 2008, Banco de México has adopted the overnight interbank rate as its key monetary policy interest rate.

The monetary policy committee meets monthly and announces the rate decision at this time.

The banking funding rate, or representative interest rate, on one day repo and one day outright operations with certificates of deposit, bank notes and banker's acceptances, traded by banks and stockbrokerage firms in the wholesale market settled through the delivery versus payment system in INDEVAL (securities clearing house).

Further reading

At the source:

• Determination of the Overnight Funding TIIE Index compounded on business days, the Overnight Funding TIIE Index compounded on calendar days, and the Compounded in advance Overnight Funding TIIE (pdf)
• CA51 - Representative interest rates
• CF349 - Government funding rate

At IMF (SDDS):

• Interest rates (Jan 2019 / Jan 2024)

• Sep 2005 - Initial version.
• Jan 2008 - Monetary policy rate.
• Mar 2020 - Addendum of TIIE.
• Sep 2024, Phillip Thorne - Addendum of "compounded in advance TIIE."