"Our main job is to maintain inflation expectations well anchored"
Policymakers voted 5 to 0 to raise the bank's key rate by 50 basis points to 5.75 percent in their fifth hike this year, bringing borrowing costs to their highest level since 2009
"We don't want to get ahead of ourselves and shoot without knowing what we are shooting at," said Mexico's central bank chief.
Many wonder if Carstens is jumping ship in the middle of the storm, a reference to the election of Donald Trump.
Banco de Mexico Gov. Agustin Carstens said in a statement Thursday that he has submitted his resignation to President Enrique Peña Nieto effective on July 1, 2017
The Bank of Mexico raised the country's key interest rate for the fourth time this year.
Banxico's Board of Governors voted to raise the interest rate from 4.25% to 4.75%
The central bank has hiked interest rates to 4.25 percent this year in a bid to support a battered peso currency.
The minutes from the meeting showed that a majority of board members remained concerned about the upcoming U.S. election and any effects on peso volatility.
Standard & Poor's on Tuesday lowered Mexico's sovereign credit outlook to negative from stable, adding that a downgrade could happen in the next two years if the government's debt or interest burden deteriorated.