Chile cuts interest rates to lowest level since February 2011

chile-santiago
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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