MEXICO CITY, May 8 (Reuters) – Fitch Ratings upgraded
Mexico’s sovereign foreign currency credit rating by one notch
to BBB-plus on Wednesday, pointing to the country’s solid
economic foundations and welcome progress on reforms.
The surprise move will help reduce Mexico’s already-low
borrowing costs. It boosted the peso, which firmed past
the 12-per-dollar level for the first time in nearly two years.
MEXICO CITY (Reuters) – Tax breaks for attending “civic values” courses, tax-free sales of second-hand furniture, special treatment for call centers and an informal economy employing six out of 10 workers are all in the line of fire as Mexico prepares a long-awaited tax overhaul.
An analysis of budget data shows Mexico’s extensive network of tax breaks and stimulus programs generate costs equal to about half the taxes actually collected.
MEXICO CITY, April 26 (Reuters) – Mexico’s central bank on
Friday brushed off a recent pick-up in inflation, keeping the
door ajar for a possible further relaxation in credit costs if
stimulus in advanced economies fans capital inflows.
The Banco de Mexico held its benchmark rate at record low of
4 percent, as expected in a Reuters poll, after it cut borrowing
costs for the first time in nearly four years in March.
WASHINGTON (Reuters) – Global finance officials on Saturday said monetary policy alone was not enough to restore confidence in the shaky global economy as they urged countries to take other steps to reinvigorate growth and create jobs.
“We need to act decisively to nurture a sustainable recovery and restore the resilience of the global economy,” the International Monetary Fund’s steering committee said at the conclusion of the world lender’s spring meeting.
WASHINGTON (Reuters) – Mexico is making good progress towards a “large” reform of its inefficient taxation system, with details of the overhaul expected this fall, Finance Minister Luis Videgaray said on Saturday.
Mexico’s budget relies heavily on funding from such sources as oil-industry revenue because it takes in so little in taxes, a phenomenon credit rating agencies have cited as a barrier to a higher rating. Many investors see a tax system restructuring as the most important reform element for Latin America’s second largest economy.