Bank of Mexico cuts rates in emergency meeting

Bank of Mexico

The Bank of Mexico reduced interest rates by 50 basis points in an emergency meeting on April 21, and unveiled a series of measures to boost liquidity.

The central bank’s governing board voted unanimously in favour of cutting the overnight interbank interest rate to 6%, in a bid to tackle the growing impact Covid-19 is having on the national economy.

Additionally, the board unveiled a liquidity provision programme for Mexico’s financial system of 750 billion pesos ($30.5 billion), 3.3% of GDP

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