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Bank of Mexico cuts interest rates

March 21, 2009|TIMES WIRE REPORTS

Mexico's central bank surprised analysts and slashed interest rates by three-quarters of a point.

The Bank of Mexico defended its decision, arguing in a statement that the worsening global economic crisis, especially in the industrialized world, "is significantly affecting financial markets, capital flows and the development of emerging economies."

Friday's action brought interest rates to 6.75%.

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