Uruguay: The Central Bank of Uruguay (BCU) said the country is “entering the contractionary phase of monetary policy” on May 17, ordering a 75 basis point rate hike.
The increase is the eighth in as many meetings, bringing the monetary policy rate to 9.25%. Since last August, the central bank has more than doubled the headline rate from 4.5%.
Monetary policy-makers cited above-target inflation at home and high prices abroad in making their decision. Uruguay’s inflation rate remains well above
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