Uruguay accelerates loosening as inflation hits record low
Central bank says monetary policy remains in “restrictive phase”
The Central Bank of Uruguay marked the country’s lowest inflation since the mid-2000s with a 75 basis point cut to the policy rate, to 10%, on August 15. This is the third and, so far, largest cut this year, after a 25bp cut in April and a 50bp reduction last month.
Nevertheless, the central bank affirms it remains in a “contractionary phase”, a term it first used in May 2022. Between August 2021 and February 2023, the central bank raised its policy rate by seven percentage points, from 4.5% to
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