Chile cuts interest rates to lowest level since February 2011

Santiago, Chile

The Central Bank of Chile (CBC) cut its benchmark interest rate to the lowest level since early 2011 amid a continent-wide drop in economic activity that is forcing several Latin American central banks to downgrade their annual growth forecasts.

The 25-basis point cut to 3.5% was the CBC's second in two months – bringing the benchmark rate down 150bp from a year ago. And additional cuts are on the table, the bank said yesterday.

Chile, the world's largest producer of copper, has seen a slowdown

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