Uruguay raises policy rate 50 basis points
Move is first time central bank has raised rates since readopting a policy rate last year
The Central Bank of Uruguay’s (BCU) board of directors ordered a 50 basis point increase in the policy rate on August 11, taking it from 4.5% to 5%. The central bank cited above-target inflation in its press release.
The BCU readopted an interest rate targeting mechanism in September 2020, when it set the initial rate at 4.5%. The August 11 decision marks the first time the Uruguayan central bank has changed the policy rate under the new regime.
The central bank has a monetary policy
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