Chile central bank cuts rates 75 bp to 4.75%

CHILE - Chile's Central Bank lowered its benchmark monetary policy lending rate 75 basis points to a nominal 4.75% at a monthly policy making meeting Tuesday.

That's the sharpest cut imposed on local interest rates in the bank's extended effort to jump-start Chile's sluggish consumer spending. It brings that rate down 175 basis points so far this year.

The decision is in line with market expectations. While most had expected a cut of half a percentage point, some had allowed for the possibility

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