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Chile cuts interest rate to 0.5 percent
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SANTIAGO, Chile - Chile's central bank is cutting its benchmark lending rate by a quarter of a point to boost growth.
The bank says it will provide other financial institutions with 90- to 180-day loans at the new 0.5 percent rate.
Chile's economy activity declined by 4.4 percent in May compared to the same month last year. The government does not expect the economy to grow more than 0.3 percent in 2009. It grew 3.2 percent in 2008.
The annual inflation rate stands at 1.9 percent, within the bank's 3 percent target for 2009.
The bank said Thursday that it is not likely to cut rates again for a long time.
Chile has the sixth-largest economy in Latin America.
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