Uruguay continues policy tightening
Policy-makers say inflation and expectations are stubbornly high
The Central Bank of Uruguay continued a year of monetary tightening with a 50 basis point increase on August 15. The hike, the ninth consecutive increase, brings the policy rate to 10.25%, 575bp above its pandemic-era low.
In its monetary policy statement, the central bank’s monetary policy committee said that “the persistent rigidity of inflation expectations” and continued high inflation readings had driven its decision. It said the increase “deepened the contractive phase” of monetary policy
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