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Montevideo, November 21st 2017 - 15:49 UTC

Uruguay's economy 'strong enough' to navigate in challenging environments

Thursday, May 7th 2015 - 06:01 UTC
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Bergara said the “challenging” global context includes a strong U.S. economy with a solid dollar, and a “lethargic” EU “rife with financial and political strains” Bergara said the “challenging” global context includes a strong U.S. economy with a solid dollar, and a “lethargic” EU “rife with financial and political strains”
“At the end of 2014, growth of the Uruguayan economy was at 3.5% and for this year we have a reasonable expectation of more growth” “At the end of 2014, growth of the Uruguayan economy was at 3.5% and for this year we have a reasonable expectation of more growth”

Uruguay's economy is “strong enough to navigate in a challenging global and regional environment” in which the U.S. dollar is strong and inflation is starting to rise, Uruguayan Central Bank, (BCU), chairman Mario Bergara said during a conference in Montevideo where he discussed the central bank's mission in the current world environment.

 The BCU's current reserves “provide many guarantees and reassurance in a context in which Uruguay's country risk remains at very healthy levels,” the central bank chief said.

“The external landscape keeps changing and requires attention, but we think we have a strong platform to navigate the volatility and changing international environment reasonably well,” the BCU chairman said.

The “challenging” global and regional context includes a recovering U.S. economy with a stronger dollar, and a “lethargic” European Union “rife with financial and political strains,” the monetary official said.

There is also a “slowdown” in China, while Uruguay's neighbors - Argentina and Brazil - are experiencing an “economic cooling,” Bergara said.

“In this context, the Uruguayan economy has continued growing at lower but still good rates,” he said. “At the end of 2014, growth was at 3.5% and for this year we have a reasonable expectation of more growth.”

Some 90% of Uruguay's opinion leaders view the BCU “not just as a good regulator and supervisor,” but also as an essential participant “in the construction of a stable and solvent financial system,” Bergara said.

A central bank's reputation and credibility are essential because its actions are perceived in a different way if the institution is credible, transparent and sound, the BCU chief said.

“The BCU's credibility today reassures us when we set monetary policy and the time comes to take financial regulatory measures,” Bergara said.

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  • ChrisR

    I read all about this 'glowing' tribute to his own actions in El Pais.

    Nothing here about the actual inflation rate of TEN PERCENT!

    Between him and Astori the coming year will be fraught with “union” actions such as blockading factory gates and holding the owners to ransom as happened two years ago.

    I had paid for some bathroom ceramic ware and laid on the transport from the factory in MVD only for it to be turned away. Another Marxist bunch of cunts in charge of the country.

    It wouldn't matter if the “workers” actually worked when they were at work but they don't.

    May 07th, 2015 - 08:19 pm 0
  • Stevie

    Don't you just love Uruguay, Chris :)
    Every time the private sector tries to sham their employees, they get a blockade in their neck.

    Schools too, try to reduce history lessons again. See what happens..

    A bit like when trying to privatize our fundamental state owned companies.

    A bit like with Petrobras up North.

    They all have one thing in common. Your ilk will not succeed.

    ;)

    May 08th, 2015 - 08:04 am 0
  • ChrisR

    @ 2 Breakdowns R Us

    You ARE funny.

    You don't live here, you have NEVER invested your own money here, you don't understand that the government only exists because of the profit tax from private business, you don't understand that it is 'YOUR' Tupa driven government that dictates what is taught in schools AND you cannot think logically (you have just proven that).

    But don't let that stand in the way of berating me!

    Ha, ha, ha.

    May 08th, 2015 - 11:56 am 0
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