The decision to hold rates was expected by the vast majority of analysts polled by Reuters, with only two of 27 expecting a cut. Mexican inflation has been creeping up away from the central bank's 3 percent target and growth held up surprisingly well in the third quarter, although concerns remain about the impact of the euro zone debt crisis on the global economy. Policymakers had said that a weak peso could fan inflation, but the currency snapped back this week from a 2-1/2 year low after policymakers said they would sell dollars on days of big peso losses. Rates have been on hold for more than two years in Latin America's second-largest economy with the last move a cut in mid-2009.