Paraguay Central Bank raises interest rates

The Central Bank of Paraguay increased interest rates by 25 basis points The Central Bank of Paraguay (BCP) increased interest rates for the 13th consecutive meeting. The BCP increased interest rates by 25 basis points as in its previous meeting. According to the statement made by the Central Bank of Paraguay, the benchmark interest rate was increased from 8.00 percent to 8.25 percent. Thus, a total of 725 basis points of interest rate increases have been made to date in the BCP's increase process that started in August of last year. The BCP's decision was taken unanimously. Emphasizing its commitment to price stability, the BCP stated that it would continue to closely monitor the development of relevant domestic and external macroeconomic variables in order to comply with the inflation target of 4 percent. Consumer prices in Paraguay were last announced as 11.1 percent. The bank will hold its next meeting on September 23.