MONTERREY, Mexico -- The National Foreign Trade Bank of Mexico will reduce its interest rates for private-sector lenders in an attempt to stimulate export businesses.
The bank's director general, Jose Gurria, told those at a conference of financial executives that rates would fall by as much as three percentage points for peso loans and that premiums would be eliminated on dollar transactions over $25 million.
The move appeared to be a response to complaints that credit is too expensive and exporters are starving for capital. Mexico also has been trying to boost exports to stem its growing trade deficit.
Answering suggestions that the trade bank share its profit with exporters, Mr. Gurria said that would depend on "the lending institutions [doing] their part to reduce interest rates to the final user."