Home  |  Board of Governors  |  Disclaimer  |  Español
Monetary aggregates


Monetary base: Defined as total banknotes and coins in circulation plus the net creditor balance of commercial and development banks’ current accounts at Banco de México.

M1: Includes banknotes and coins held by the public plus domestic private sector bank deposits and savings and loans entities’ deposits in checking accounts and in current accounts.

M2: Includes M1 plus residents' term deposits in banks, federal government securities, BREMs, bonds issued by IPAB, federal government and private sector securities held by the resident private sector, and housing and retirement savings funds such as retirement bonds issued by ISSSTE.

M4: Includes M2 plus non-residents’ demand and term deposits in banks, federal government securities held by non-residents, and resident and non-resident deposits in Mexican banks’ agencies abroad.