MEXICO |
Banxico cuts interest rates to record low. On 6 June Mexico’s central bank (Banxico) cut its benchmark interest rate by 50 basis points to a record low of 3.0%. It was the first rate cut applied by Banxico since October 2013. The bank said that it was in response to restrained global economic growth and the “slow rhythm” of economic activity in the country. A Banxico statement added that its board of directors voted in favour of the rate cut after considering that there were no inflationary pressures and that it was possible to achieve “the efficient convergence of inflation to 3.0% and a lower benchmark interest rate”.
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