05/10/2023 – 21:19
The Central Bank of Uruguay (BCU) cut interest rates by 50 basis points today, to 9.50%, and signals that the rate is close to the end of the cutting cycle. In August, the BC cut interest rates by 75PB. The country was the first in Latin America to begin monetary easing in this cycle.
Uruguay’s Monetary Policy Committee highlights that the country’s inflation in September, at 3.87%, was the lowest in the last 17 years, being more than 600bp below its record from the previous year, of 9.95%.
“The international base scenario presents some changes in relation to the previous decision, with some challenges mainly for 2024, with greater growth expected in Brazil and the United States, which would be more than compensated by a smaller expansion in China and Europe and by a most pronounced drop in Argentina”, points out the official BCU statement.
#Uruguay #cuts #interest #rates #basis #points #signals #close #cycle