Paraguay continues rate hikes despite economic contraction

Paraguay’s central bank raised its policy rate by 50 basis points on June 21, in its 11th consecutive increase since last August.

The benchmark rate now stands at 7.75%, 700bp above the low it reached in the Covid-19 pandemic. The central bank’s monetary policy committee (MPC) took the decision to raise rates despite a recent sharp contraction in Paraguay’s growth rate.

The MPC has moderated its tightening policy in recent months, after three 125bp hikes in the last months of 2021. In 2022

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