Mexico’s central bank accelerated the pace of its interest rate increases Thursday, delivering the country’s biggest ever hike and signaling willingness to keep boosting rates at the same pace if needed, Bloomberg News reported. The board of Banxico, as the bank is known, unanimously voted to raise its key rate by 75 basis points to 7.75%, as expected by all 27 economists in a Bloomberg survey.

Mexican President Andres Manuel Lopez Obrador said on Friday that during a planned visit to Washington next month he would propose to his U.S. counterpart Joe Biden that they craft a joint anti-inflationary plan to tackle surging prices, Reuters reported. Mexico's leftist president did not set out details of what such a plan could entail, but he pointed to three measures his administration had taken to keep down the price of household staples like foodstuffs and fuels.

Mexico's troubled payroll lender Credito Real said in filing to the Mexican stock exchange late Wednesday that it was aware of claims of a filing of an involuntary chapter 11 bankruptcy petition, which it would fight once the petition was served, Reuters reported. "The company believes the Involuntary Petition is improper and was filed as a litigation tactic in the U.S. by certain alleged minority creditors to gain leverage in negotiations with the company," Credito Real said. Read more.

Mexico's financial system is resilient and solid despite international economic and geopolitical volatility, the central bank chief said on Wednesday during the introduction of the monetary authority's financial stability report, Reuters reported. "The Mexican financial system maintains a solid and resilient position," the central bank said in its biannual stability report, stressing that the country meets minimum capitalization levels. Earlier on Wednesday, the U.S.

Mexican President Andres Manuel Lopez Obrador criticized the use of monetary policy to curb inflation, saying high interest rates stop economic growth, one week before the nation’s central bank may deliver its biggest hike yet, Bloomberg News reported. AMLO, as the president is known, likened repeatedly raising rates to turning off the engine of a car when it overheats and said he would rather focus on increasing production to avoid supply shortages.

Crédito Real built a booming business lending at high interest rates to Mexican teachers and other government workers. The loans were paid back through payroll deduction, reducing the risk of nonpayment, the Wall Street Journal reported. Now it is planning to file for bankruptcy in Mexico after it has faced growing skepticism over how it has been reporting its earnings and measuring the size of its loan portfolio.

Mexico will bail out a flailing telecommunications company tasked with developing a wholesale national mobile network, President Andres Manuel Lopez Obrador said on Friday, Reuters reported. Mexico signed an agreement to become the majority stakeholder in Altan Redes, which filed for bankruptcy in 2021, Lopez Obrador said in a regular news conference.

Bank of Mexico Deputy Governor Jonathan Heath said on Friday that the central bank is likely to raise its benchmark interest rate by 75 basis points at its next meeting scheduled for June 23, according to local media, Reuters reported. "Obviously we have to vote ... In my personal opinion, there will be a majority and we're going to see an increase of 75 base points," Heath said during a forum in the Mexican state of Quintana Roo organized by Mexico's Stock Exchange.

Mexican airline Grupo Aeromexico will propose leaving the country's main stock exchange to shareholders in a meeting scheduled at the end of June, the carrier said in a statement Friday, Reuters reported. Aeromexico came out of chapter 11 bankruptcy in March. Read more.

Credito Real SAB, Mexico’s largest payroll lender, which fell into default earlier this year, is preparing a potential bankruptcy filing in the US as soon as this week, Bloomberg News reported. The non-bank lender is looking to line up financing from existing creditors to help fund the bankruptcy process. The company has been working with creditors on a restructuring plan that would allow it to continue operating, after it failed to repay holders of a maturing Swiss franc bond. Authorities said they don’t see a contagion risk on Credito Real’s default to the country’s financial system.