Central Banks
Uruguay Central Bank Holds Key Interest Rate at 8.5%
- Policymakers forecast inflation around 4.5% in 24 months
- Central bank sees growth continuing in coming quarters
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Uruguay’s central bank kept its benchmark interest rate steady at 8.5%, citing the need to consolidate the convergence of inflation and inflation expectations with the midpoint of its target range.
Policymakers’ decision Tuesday marked the fourth consecutive meeting where the central bank kept borrowing costs unchanged with inflation in the 3% to 6% target range. The central bank said in a post-meeting statement that it continues to forecast inflation of about 4.5% in 24 months.