Bank of Mexico Slashes Interest Rates

The Bank of Mexico announced a significant reduction in its benchmark interest rate on Thursday, lowering it by 50 basis points to 8.50%. This move comes as inflation remains within the central bank's target range.

The central bank signaled the possibility of continuing with similar rate cuts in upcoming monetary policy meetings, in response to the economic conditions.

The decision to lower the interest rate was agreed upon unanimously by the five-member governing board of the central bank, reflecting a coordinated approach to monetary policy.

(With inputs from agencies.)