Bank of Mexico cuts rates 50bp in emergency meeting

Bank of Mexico

The Bank of Mexico cut the policy rate in an unscheduled meeting on March 20, anticipating the grave economic damage the Covid-19 crisis is expected to have in the country.

The executive board reduced the interbank rate by 50 basis points to 6.5%. The board will meet again later this week for a regular monetary policy meeting on March 26.

“The effects on the economic activity that would stem from the pandemic, in a context of greater weakness of the global economy, led to a deterioration of

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