Uruguay slashes rates by 100bp to 6.5%
Peso gains against dollar as central bank tweaks meeting schedule to allow ‘necessary flexibility’
The Central Bank of Uruguay (BCU) on January 26 cut its policy rate by 100 basis points, thereby accelerating its easing cycle as inflation threatens to undershoot the institution’s target.
The decision – the bank’s sixth cut in a row – brought the policy rate to 6.5% from a height of 9.25% last June.
Year-on-year headline inflation was 3.65% in December, which the BCU said fell short of its projection and of market expectations. The bank targets inflation at 4.5% with a tolerance range of plus or
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