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Uruguay central bank holds key interest rate at 8.5%

BY Reuters | ECONOMIC | 10/08/24 04:06 PM EDT

Oct 8 (Reuters) - Uruguay's central bank on Friday held its benchmark interest rate at 8.50%, the monetary authority said on Tuesday, saying inflation remained in line with forecasts and the economy is expected to grow in coming quarters.

Inflation in the 12 months through September stood at 5.32%, according to Uruguay's national statistics agency, within the monetary authority's target range of 3% to 6%. The monthly rate however sped up to 0.37% from 0.29 in August. (Reporting by Sarah Morland; Editing by Brendan O'Boyle)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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