The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

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But Mexico is alone among the big Latin economies in having a freely floating currency, which gives it more policy flexibility.

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"We have had a tough year, but through stringent fiscal policy, the new floating exchange rate regime, and extensive structural reforms, we have come out of intensive care unit, " Mr Dervis said.

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