Mexico's central bank lowers prime rate to 4.5 per cent

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Mexico's central bank lowers prime rate to 4.5 per cent

Thursday, August 13, 2020

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

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

The bank noted that while inflation is running above the government's three per cent target, it said it should return to near-target levels in one to two years.

Mexico's economic activity plummeted 18.9 per cent in the second quarter compared to the same period last year.

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