Chile's central bank cuts rates by 75 points

CHILE - Chile's central bank said on Thursday it cut interest rates by 75 basis points to 3.25 percent in a further attempt to stimulate sluggish consumer spending.

Economic growth, which averaged 7 percent annually in the boom years of the 1990s, slowed to 2.8 percent last year and unemployment has hovered around double digits.

Consumer prices dropped in June as Chileans kept a tight grip on their wallets until the macro economic outlook brightens.

The bank said in a statement that although con