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The Central Bank of Mexico (Banxico) on Thursday announced that it cut its benchmark interest by 25 basis points to 7.75% from 8%. The bank noted that the board was not unanimous on the rate decision.

“Two board members voted to cut the rate by 50 basis points,” the statement said, per Reuters. “The balance of risks for growth continues with a downward bias.”

Despite the rate cut decision, the USD/MXN lost its traction and erased a large portion of its daily gains. As of writing, the pair was up 0.25% on the day at 19.6124. Below are some additional key takeaways from the statement.

“Marked uncertainty persists about both upward and downward risks that could influence inflation.”

“Will pay special attention to uncertainty, pass-through of exchange rate on prices, relative monetary policy between the Federal Reserve and Banxico.”

“The current climate continues presenting important risks to the macroeconomic conditions of Mexico.”