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Uruguay Monetary Policy February 2023

Uruguay: Central Bank stays put in February

On 15 February, the Monetary Policy Committee of the Central Bank of Uruguay (BCU) maintained the policy rate unchanged at 11.50%. The move was fully in line with expectations, after the Bank signaled the end of the hiking cycle at its previous meeting.

Commenting on the decision, the Bank highlighted that inflation had steadily decelerated since September’s peak. Moreover, it added that inflation expectations over the two-year policy horizon had declined for the second successive month in January. Meanwhile, the Bank acknowledged that the ongoing drought is taking a toll on activity and pushing food prices up but deemed that its effect on the general level of prices would be transitory.

The BCU did not provide explicit forward guidance. Instead, it stated that it evaluates the evolution of inflation expectations and will take into account its convergence to the 3.0–6.0% target range to guide future policy. The next monetary policy meeting is scheduled for 19 April.

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