Uruguay raises rates for first time in 18 months
Central bank says hike is ‘proactive’ measure to mitigate risk of inflationary pressures spilling over
The Central Bank of Uruguay (BCU) has raised its benchmark interest rate by a quarter point to 6% – its first tightening in 18 months – in an effort to anchor inflation expectations.
In a statement on October 8, the BCU said geopolitical tensions were continuing to drive up energy prices and other tradeable goods, which was increasing inflation expectations. “Against this backdrop, both the interest rates set by the major central banks and those prevailing in international financial markets have
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