Guatemala orders first rate rise in nine years
Board cites concerns about expectations but inflation remains within target range
The Bank of Guatemala’s board voted unanimously to raise its policy rate on May 26, the first time it has done so since 2013.
It voted for a 25 basis point rise to 2%. The board had kept the rate unaltered since June 2020, when it lowered it to 1.75% as a pandemic measure.
The board’s statement echoed those of other central banks, expressing concern over higher energy and food prices caused in part by the Russian invasion of Ukraine. It said the rate increase is an effort “to keep inflation
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