MNI China Daily Summary: Monday, July 29

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Uruguay Central Bank Doesn't Rule Out Contractionary Policy

LATIN AMERICA
  • Speaking in an interview, the Uruguay central bank chief Diego Labat has indicated the central bank will keep raising interest rates in the coming months and may even implement a contractionary monetary policy to bring inflation expectations to the 3% to 6% target.
  • The bank hiked its key rate by 75 basis points to 6.5% on Jan. 5 and signalled it could push it to a neutral level of 8% by early April. Labat didn’t rule out adopting a restrictive stance if necessary.
  • “The idea is to achieve the convergence of inflation expectations with the target range. We are going to tighten monetary policy, raising rates by whatever is needed to achieve that convergence,” he said in an interview from Montevideo. (BBG)
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