Central Bank board members voted 5-0 at their Oct. 31 meeting to hold the benchmark rate at a record low of 3.0 percent, the minutes said.
The majority of policymakers thought that a recent rise in inflation above the central bank's 4 percent ceiling would cool to around the bank's 3 percent target by the middle of next year. But among risks, they singled out the peso.
"The majority pointed to the possibility that new episodes of volatility in financial markets could lead to a even greater depreciation of the exchange rate than seen in the . . .