Uruguay keeps Monetary Policy Rate unchanged at 9.25%

Uruguay shaken by 'phantom cow' scam

Meat-loving Uruguay has been rocked by a "phantom cows" investment scam, with high-profile politicians, celebrities and even priests among the victims.Thousands of people in the small South American nation invested an estimated $350 million (£259 million) in fraudulent "cow bonds". But, despite Uruguay's "model" cattle-tracking system, neither the cows (which could number more than 700,000) nor the money can be found, said Reuters.Three companie…

Uruguay keeps Monetary Policy Rate unchanged at 9.25%

The Central Bank of Uruguay (BCU) decided to maintain the Monetary Policy Rate (MPR) at 9.25%, the Monetary Policy Committee (Copom) and BCU President Guillermo Tolosa announced. This unanimous decision seeks to strengthen the contractionary bias of monetary policy to continue the disinflation process and align inflation expectations with the target of 4.5% annually.