President Sheinbaum reported that she has asked the head of the Treasury, Edgar Amador, to speak with the country's banks to seek interest rate reductions.

The Mexican government will engage with commercial and development banks to seek lower interest rates, as the central bank has done in recent months, President Claudia Sheinbaum said Monday.

The Bank of Mexico (Banxico) announced at the end of March that it had unanimously decided to lower its benchmark interest rate by 50 basis points (bp) to 9%, after having reached its historical high of 11.25% in February 2024.

"We have asked (Treasury Secretary) Edgar (Amador) to work with banks, both development and commercial, to lower rates," the president told reporters.

"Even though the Bank of Mexico lowered the rate, access to credit for small and medium-sized businesses remains very complex," Sheinbaum added, referring to a sector that has received criticism from consumers and companies for years for its high rates and fees.

Sheinbaum said her goal is to "boost the economy, obviously without risks," and announced her plans to travel to the western state of Nayarit in May to attend the annual Banking Convention.