Citi Mexico’s September Expectations Survey shows that a majority of private economists anticipate Banxico keeping its policy rate unchanged, with the USD/MXN pair projected to remain below 18.00 by the close of 2026.
According to the survey, most forecasters see the benchmark rate staying at 6.50% through at least the end of 2027, with a likely range of 6.25% to 6.75%. They project the USD/MXN to close around 17.50 by year‑end, and to reach approximately 18.07 by the end of 2027—down from the current 18.24.
Inflation is forecast to settle at 4% for 2026, with core inflation also expected to end the year at that level.
The survey predicts Mexico’s GDP will expand 1.3% in 2026, up from 1.2% year‑over‑year. For 2027, economists anticipate growth of 1.8%, consistent with prior estimates, and a forecast band of 1.0% to 2.3%.
