Following the Bank of Mexico (Banxico) release of its Q2 2024 Quarterly Report, analysts of local and foreign banks estimated the central bank would not pause lowering rates for the remainder of the year.

Economists at Banorte expect a 25-basis-point (bps) rate cut in September and estimate that interest rates will end at 10.25%.

Citibanamex expects a quarter of percentage rate cuts in September, November, and December, with Banxico’s reference rate hitting 10.00%. It cites that the beginning of the Federal Reserve's easing cycle would ease pressures on the Mexican Peso, giving the Mexican central bank a green light to lower borrowing costs.

In Monex, they expect the bank’s reference rate to end the year at 10.25%, expecting cuts in September. The November and December meetings are live.

Goldman Sachs anticipates rate cuts of 25 bps each in the three remaining meetings of the year, bringing the interest rate down to 10.00% by year’s end.