Banco Central Del Uruguay Holds Interest Rate At 8.75%Callum Thomasupdated Mar 30, 2012TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.The Banco Central del Uruguay held its benchmark interest rate unchanged at 8.75%. The Bank said [translated]: "In the Monetary Policy Committee, the Central Bank of Uruguay noted that the inflation rate has begun to sag, but still holds, as well as agents' expectations, well above the target range. Therefore, in order to provide a fee structure that preserves the contractionary bias of monetary policy, the Central Bank of Uruguay understood best not to change the monetary policy rate, which remains at 8.75%."Previously the Bank increased the interest rate by 75 basis points in December, and 50 basis points in June, and raised reserve requirements for banks on peso deposits by 300 basis points to 15% and 300 basis points on foreign currency deposits to 18% during its May meeting. The Bank also increased its interest rate by 100 basis points to 7.50% at its March meeting. Uruguay reported inflation of 8.4% in November, compared to figures earlier in the year of 8.53% in May, up from 8.34% in April, and still above the Bank's 4%-6% inflation target range (as set by the Macroeconomic Coordination Committee).The Uruguayan peso (UYU) is more or less flat against the US dollar, with the USDUYU exchange rate last trading around 19.50; having traded as low as 18.30 around the middle of last year. The Central Bank of Uruguay next meets in June this year.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.