Mexico has become the latest major Latin American country to cut interest rates, easing its restrictive policy with inflation well below its peak and putting the region at the forefront of the global easing cycle.
The decision by the Bank of Mexico on Thursday to cut rates by 25 basis points to 11 per cent comes as most central banks in developed countries have yet to loosen monetary policy.
Latin American central bankers’ swift response to soaring inflation after the coronavirus pandemic has transformed their credibility as they emerge from the most serious wave of price pressures in decades.
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