Banxico Governor highlights financial stability and digital payments progress
Banco de México Governor Victoria Rodríguez Ceja outlined the country's economic outlook and the central bank's progress in fostering financial stability and digital payments at the 89th Banking Convention on March 19, 2026.
Economic resilience and market evolution
Mexico's economy saw moderate growth in 2025, with a stronger finish and higher growth projected for 2026 amidst global uncertainty.
Geopolitical risks, especially from the Middle East, present challenges to financial stability and supply chains.
Inflation remained within Banxico's 3% +/- 1% target range from July 2025 to February 2026, with services inflation gradually declining and goods inflation stabilizing.
A temporary rise in food inflation in January 2026, due to an excise tax adjustment, was considered limited.
Banxico expects general and core inflation to converge to the 3% target by Q2 2027.
The central bank has bolstered financial markets by introducing a central counterparty for bond trading, reforming repo provisions, and completing the TIIE transition.
Banxico also received an award for its innovative financial technology infrastructure.
Strengthening financial inclusion and oversight
Mexico's financial system has seen a robust recovery in private sector financing, driven by commercial banking credit to businesses and households, maintaining low delinquency rates.
Banxico emphasizes the need to sustain this orderly credit expansion to address the country's lag in financial penetration and inclusion.
Key initiatives include expanding the use of the Legal Entity Identifier (LEI) code in derivatives operations and proposing its incorporation into securities lending rules for enhanced transparency.
The central bank also pursues three strategic lines for transparency, efficiency, and consumer protection: improving information services, enhancing competition, and safeguarding user interests.
Regulatory changes now allow all institutions to offer payroll credits, aiming to foster competition and reduce interest rates.
Digital payments: Progress, but hurdles remain
Despite robust SPEI growth, Mexico's digital payment adoption lags persist, particularly among certain population segments.
Banxico's efforts to simplify mobile transfers and boost card acceptance are vital, yet their success hinges on stronger engagement from financial intermediaries.
Closing this digital divide is paramount for achieving genuinely inclusive economic development across the nation.