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MEXICO CITY (Reuters) - Mexican President Claudia Sheinbaum said on Monday that she had instructed Finance Minister Edgar Amador to speak with banks so they can lower interest rates for both commercial and development loans.
Sheinbaum said that banks should follow the central bank, known as Banxico, in cutting rates as it was still expensive and bureaucratic for Mexicans to access credit.
Economists have argued that this has hindered growth in Latin America's second-largest economy. Weaker economic growth has stoked fears of a recession in recent months.
In late March, Banxico cut its benchmark interest rate to 9%, highlighting progress on inflation, but warning of heightened uncertainty relating to trade tensions and the weakening economic outlook.
Mexico's benchmark rate is now at the lowest level since September 2022.
(Reporting by Raul Cortes; Writing by Stefanie Eschenbacher; Editing by Kylie Madry)
