Mexico's central bank on Thursday cut its key lending rate for the first ti...
MEXICO CITY - Mexico’s central bank on Thursday cut its key lending rate for the first time since June 2014, citing slowing inflation and increasing slack in the economy, and fueling expectations that further monetary policy easing could be on the way.
The surprise move by Mexican policymakers follows rate cuts by central banks around the world in the last week as a trade-induced slowdown shows more signs of stymieing global growth. Last week New Zealand’s central bank cut rates to a record low, a reduction that was followed by central banks in Thailand and the Philippines.weakened as much as 0.4% to 19.76 per dollar after Banxico's decision, but quickly reversed those losses.
In general terms inflation has gone down “a little faster” than expected, Central bank Governor Alejandro Diaz de Leon said on Mexican radio. Charles Seville, co-head of Latin America sovereigns at ratings agency Fitch, said the rate cut reflected lower inflation risks and greater domestic and global growth risks since the bank’s last meeting.
The Banxico rate cut could help boost the Mexican economy after paltry growth of 0.1% in the second quarter.
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