Paraguay raises rates as start of ‘gradual normalisation’

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The Central Bank of Paraguay’s monetary policy committee raised its policy rate on August 23, saying the move started a gradual normalisation of rates.

The MPC raised the benchmark rate by 25 basis points to 1%, it announced, in its first change since June 2020. It had held the rate at 0.75% since June 2020, when it made a 50 basis point cut. The BCP set a 4% inflation target, with a tolerance band of plus or minus 2%, in 2017.

The move means Paraguay follows several other Latin American

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