February 13, 2020 / 7:18 PM / 13 days ago

Mexico central bank says cuts interest rate, flags weaker growth

MEXICO CITY, Feb 13 (Reuters) - Mexico’s central bank lowered its benchmark interest rate for a fifth straight meeting on Thursday, with a 25 basis point cut to 7.0%, citing a stagnating economy and in spite of inflation rising slightly above the bank’s target.

“Based on the most recent data, gross domestic product in 2020 is forecast to grow less than estimated in the bank’s July-September 2019 quarterly report, with a balance of risks biased to the downside,” the bank said. (Reporting by Anthony Esposito; Editing by Frank Jack Daniel)

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