The central bank of Mexico (Banxico) raised the key interest rate once again to counter domestic inflationary pressure and the impact of a flagging global economy.Most of the bank’s five-member Governing Board voted to raise the target overnight interbank rate (the interest banks charge each other on loans) by 50 basis points to 10.50 per cent, effective from Friday, reports Xinhua news agency.”The Governing Board will closely monitor the inflationary pressure, as well as all the factors that affect the expected trajectory of inflation,” the bank said in a statement.Banxico said it will still need to raise the benchmark interest rate at its next meeting, scheduled for Feb. 9, 2023, as the domestic inflationary pressure persists.While global economic activities recovered moderately in the third quarter of 2022, the outlook for 2023 continues to deteriorate, it noted.