Mexico central bank cuts rates to spur growth

MEXICO CITY -- Mexico's central bank is cutting interest rates by three-quarters of a point to spur growth as the economy heads toward a recession.

The bank has lowered Mexico's key lending rate to 6% from 6.75%.

The bank says strong action was necessary as the country faces the worst world financial crisis in six decades, though there are signs of stabilization.

Friday's decision is the fourth time since January the bank has cut rates.

The bank has been reluctant to push rates down because the country is still struggling with high inflation and a weak national currency.