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Mexico Central Bank Corrects Meeting Minutes That Got Lost in Translation

  • English minutes released Thursday included false dovish signal
  • Policy makers continuing to be focused on inflation, currency
Mexico's Central Bank Headquarters Ahead Of Rate Decision
Photographer: Susana Gonzalez/Bloomberg
Updated on

Mexico’s central bank on Thursday took the unprecedented step of correcting its meeting minutes after the accidental inclusion of a phrase in the English version that could have made analysts think the board would entertain an interest-rate cut.

At 9 a.m. in Mexico City, the bank released more than 20 pages of minutes from its Feb. 7 rate-setting meeting, when it left the rate on hold. In the English-language version, policy makers promised to take action "in whatever direction is required" -- implying they were open to reducing borrowing costs. No equivalent phrase appeared in the Spanish version.