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Uruguay: CBU Hiked Key Interest Rate 50BPs To 10.25%

LATAM
  • On Monday, Uruguay’s central bank hiked its key interest rate for a ninth consecutive meeting to 10.25% (+50bps) with inflation expectations remaining stubbornly above its target.
  • Policy makers signalled more half point hikes later in the year. Monday’s decision marked the first time that borrowing costs have advanced into double digits since it returned to using a benchmark rate as its main policy tool in September 2020.
  • With further tightening, the key rate “would reach the end of the year at levels consistent with the convergence of expectations toward the target range,” the central bank said in a statement.
  • The central bank didn’t rule out adopting an even more restrictive policy bias if inflation expectations are slow to approach its 3%-6% target. (BBG)
  • Link to the release (Spanish only): https://www.bcu.gub.uy/Politica-Economica-y-Mercados/Comunicados%20del%20Copom/COPOM_Comunicado_2022_08_15.pdf
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