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Uruguay Central Bank Hike To 11.25%, Signal Identical 50BP Hike In Dec

LATAM
  • Uruguay’s central bank increased its benchmark interest rate to 11.25% and signalled it intends to tighten the policy rate again by another 50bps in December.
    • Policymakers raised borrowing costs by 50 basis points for a fourth consecutive policy meeting. Consumer prices slowed by the most in a year-and-a-half to 9.05% in October, but remain well above the 3%-6% target.
    • With another hike in December, “rates would be reaching sufficient levels so that inflation and expectations converge with the target range within the horizon of monetary policy,” the central bank said in a statement.
  • Separately, today Uruguay are to offer UYU5.8 billion of bills due Feb. 22, 2023
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