The Bank of Mexico’s governing board cut rates on May 14 in a bid to offset the economic crisis caused by the Covid-19 pandemic.

The board voted unanimously in favour of reducing the policy rate by 50 basis points to 5.5%. The decision follows two more 50bp rate reductions, one in March and another in April.

The board said in a statement that “economic activity in Mexico contracted significantly during the first quarter of the year. The statement said the pandemic’s magnitude and duration were

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