Uruguayan central bank orders third consecutive rate hike

Diego Labat at a press conference
Diego Labat
MIEM Uruguay

The Central Bank of Uruguay’s (BCU) board increased its policy rate by 50 basis points at its November 11 meeting.  

The board’s third consecutive hike brings the monetary policy rate to 5.75%, up 125bp since August, in the face of rising inflation.

Although the central bank board said Uruguay’s economy is recovering, it also noted that year-on-year inflation had reached 7.9% in October. This is up from 7.4% in September and 7.6% in August. Core inflation reached 8.26%, the board said.

Over

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