Note

April 22, 20 - 3:14 pm - LABS

As the country enters a new phase of infection, Mexico cuts the benchmark interest rate

On Tuesday, the Central Bank of Mexico (Banxico) cut the benchmark interest rate by 50 base-points, to 6% per year. According to Dow Jones Newswires, the decision was unanimous and was taken at an extraordinary meeting.

In a press statement released after the meeting, Banxico informed that the measure follows the complex global economic and financial situation caused by the COVID-19 pandemic, which led to important revisions of economic expectations.

Also on Tuesday Mexico has entered what the government calls “Phase 3” of the spread of the new coronavirus, the most serious stage.

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