Mexico cuts interest rates for first time since 2009

MEXICO CITY, March 8 Fri Mar 8, 2013 10:08am EST

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MEXICO CITY, March 8 (Reuters) - Mexico's central bank cut interest rates on Friday by 50 basis points to a new record low of 4.00 percent, its first reduction in four years.

The Banco de Mexico has not changed rates since mid-2009, a level reached in the middle of a deep recession and 16 of 21 analysts polled by Reuters had expected no change until April or June, although the remaining five bet on a 50 basis point cut.

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