Uruguay continues ‘contractionary’ monetary policy

Central Bank of Uruguay
Central Bank of Uruguay
Central Bank of Uruguay

The Central Bank of Uruguay ordered a 50 basis point increase in the policy rate on July 6, in its eighth straight increase since last August.

The move, which brings the policy rate to 9.75%, means the central bank has ordered 525bp of increases in total over the past 11 months. The 50bp hike was somewhat smaller than the four previous hikes, which included April’s 125bp increase and three 75bp hikes.

In its press statement, the central bank’s monetary policy committee reaffirmed it would

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