The Central Bank of Uruguay kept its benchmark policy rate at 9% in its February 2024 meeting, following a 25 bps cut in the previous session. The Committee aims to secure inflation within the target range and sustain the convergence of expectations over the next 24 months. In January 2024, year-on-year inflation stood at 5.09%, marking eight consecutive months within the target range, while core inflation decreased to 4.28%. The average of the three inflation expectation measures monitored by the Central Bank continues to decline and is at historic lows (6.41%), approaching the upper limit of the target range (3%-6%). Short-term projections indicate a continued deceleration of inflation. Internationally, despite a global slowdown, Uruguay's activity increased, especially in agriculture. The BCU Board's positive analysis led to the decision to retain the monetary policy rate, with ongoing monitoring of local and global conditions and expectation convergence to the target range center. source: Banco Central del Uruguay

The benchmark interest rate in Uruguay was last recorded at 9 percent. Interest Rate in Uruguay averaged 7.79 percent from 2007 until 2024, reaching an all time high of 11.50 percent in December of 2022 and a record low of 4.50 percent in September of 2020. This page provides - Uruguay Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Uruguay Monetary Policy Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

The benchmark interest rate in Uruguay was last recorded at 9 percent. Interest Rate in Uruguay is expected to be 8.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Uruguay Monetary Policy Rate is projected to trend around 8.25 percent in 2025, according to our econometric models.

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Uruguay Monetary Policy Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-11-16 07:00 PM
Interest Rate Decision
9.25% 9.50% 9.0%
2023-12-29 08:00 PM
Interest Rate Decision
9% 9.25% 9.0%
2024-02-22 08:00 PM
Interest Rate Decision
9% 9% 8.75%
2024-04-10 07:00 PM
Interest Rate Decision
9% 8.75%
2024-05-16 07:00 PM
Interest Rate Decision
2024-07-16 07:00 PM
Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 9.00 9.00 percent Feb 2024
Money Supply M1 232631.00 224610.00 UYU Million Dec 2023
Money Supply M0 81815.00 74572.00 UYU Million Dec 2023
Interbank Rate 5.67 5.45 percent Jun 2023
Money Supply M2 542711.00 514882.00 UYU Million Dec 2023
Foreign Exchange Reserves 15143.60 16258.30 USD Million Dec 2023
Loans to Private Sector 1270.07 1246.59 USD Thousand Dec 2023
Central Bank Balance Sheet 151407.00 122546.00 UYU Million Dec 2023

Uruguay Monetary Policy Rate
The Central Bank of Uruguay reintroduced on September 3rd, 2020, the monetary policy rate after seven years of trying to control inflation through changes in the money supply. The central bank had abandoned the use of a single benchmark interest rate in 2013.
Actual Previous Highest Lowest Dates Unit Frequency
9.00 9.00 11.50 4.50 2007 - 2024 percent Daily

News Stream
Uruguay Holds Key Rate Steady at 9%
The Central Bank of Uruguay kept its benchmark policy rate at 9% in its February 2024 meeting, following a 25 bps cut in the previous session. The Committee aims to secure inflation within the target range and sustain the convergence of expectations over the next 24 months. In January 2024, year-on-year inflation stood at 5.09%, marking eight consecutive months within the target range, while core inflation decreased to 4.28%. The average of the three inflation expectation measures monitored by the Central Bank continues to decline and is at historic lows (6.41%), approaching the upper limit of the target range (3%-6%). Short-term projections indicate a continued deceleration of inflation. Internationally, despite a global slowdown, Uruguay's activity increased, especially in agriculture. The BCU Board's positive analysis led to the decision to retain the monetary policy rate, with ongoing monitoring of local and global conditions and expectation convergence to the target range center.
2024-02-22
Uruguay Lowers Key Rate by 25 bps to 9%
The Central Bank of Uruguay lowered its benchmark policy rate by 25 bps to 9% in its December 2023 meeting, following a 25 bps cut in the previous session. The Committee highlighted the positive assessment of the gradual convergence of expectations towards the target range and the overall effectiveness of all monetary policy transmission channels. Domestically, November's annual inflation stood at 4.96%, compared to 8.46% a year earlier, marking the sixth consecutive month within the target range. The average of inflation expectations as of November for the 24-month Monetary Policy Horizon is 6.5 %. The Board indicated that as expectations align and credibility strengthens by remaining within the inflation target range, the monetary policy rate would be at a level nearing the end of the downward cycle.
2023-12-29
Uruguay Cuts Key Rate by 25bps to 9.25%
The Central Bank of Uruguay lowered its benchmark policy rate by 25 bps to 9.25% in its November 2023 meeting, following a 50 bps cut in the previous session. The Committee highlighted the positive assessment of the gradual convergence of expectations towards the target range and the overall effectiveness of all monetary policy transmission channels. Domestically, October's annual inflation stood at 4.3%, compared to 9.05% a year earlier, marking the fifth consecutive month within the target range. The average of inflation expectations as of October for the 24-month Monetary Policy Horizon is 6.57%. The Board indicated that as expectations align and credibility strengthens by remaining within the inflation target range, the monetary policy rate would be at a level nearing the end of the downward cycle.
2023-11-27