Uruguay Cuts Benchmark Rate to 8.75% With Inflation on Target

Uruguay’s central bank extended its easing cycle by lowering the key interest rate a quarter point following two months of inflation near its target.

Tuesday’s decision left borrowing costs at 8.75% following a 25-basis point cut in July. The move was widely expected in the central bank’s survey this month of 11 financial institutions, which also forecast another quarter-point cut this year.