Paraguay makes 12th consecutive rate hike
Inflation drops slightly, but South American country faces slow growth and severe drought
The Central Bank of Paraguay raised its benchmark rate by 25 basis points to 8% at its monetary policy meeting on July 22.
The move is the twelfth consecutive increase, but marks a moderate softening of policy after four 50bp hikes between March and June. In total, the central bank has raised the monetary policy rate by 725bp since last August, from a pandemic low of 0.75%. In its press statement, the central bank’s monetary policy committee said that the headline inflation rate stood at 11.5%
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