Central Bank of Uruguay increases monetary policy rate by 25 bps to 9%

By Caroline Salls

Pittsburgh, Sept. 28 - The Central Bank of Uruguay raised its monetary policy rate by 25 basis points to 9%, according to a news release.

The bank said the actual inflation rate and the expectations of agents remain significantly above the target range.

In addition, the bank said the global context is still highly uncertain and volatile, and there are not clear signs of economic recovery in the North American region or visible exit routes for the economic and financial situation in several European countries.

The bank said this implies that international interest rates will continue to be extremely low for a considerable amount of time.

In Uruguay, the bank said the economy continues to grow at a reasonable rate, especially considering the international slowdown.

The bank said it will continue to monitor the global and domestic situation until its next meeting scheduled for December.

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