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Tags: Mexico | Interest Rates

Mexico's Central Bank Lowers Prime Rate to 4.5%

Thursday, 13 August 2020 04:38 PM

MEXICO CITY (AP) — Mexico’s central bank decided Thursday to lower its prime interest rate by a half-point to 4.5% amid a sharp economic downturn and rising inflation due to the coronavirus pandemic.

The Bank of Mexico said inflation rose to 3.62% in July. At that level, government 28-day treasury certificates now yield less than 1% in real terms, the lowest yield in years on such Mexican securities.

The bank noted that while inflation is running above the government’s 3% target, it said it should return to near-target levels in one to two years.

Mexico’s economic activity plummeted 18.9% in the second quarter compared to the same period last year.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Mexico's central bank decided Thursday to lower its prime interest rate by a half-point to 4.5% amid a sharp economic downturn and rising inflation due to the coronavirus pandemic. The Bank of Mexico said inflation rose to 3.62% in July. At that level, government 28-day...
Mexico,Interest Rates
109
2020-38-13
Thursday, 13 August 2020 04:38 PM
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