Uruguay pumps greenbacks to keep the US dollar rate on sliding stability

Wednesday, September 23rd 2015 - 07:17 UTC

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Uruguay's central bank was forced to sell almost 65 million dollars on Tuesday, the highest volume so far this year, to keep the US dollar from ballooning as fears of the collapse of the Brazilian economy are felt through the region. The dollar finally ended trading with a slight 0.12% increase at 28,826 Pesos to the greenback. Read full article

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ChrisR
Excellent article, pointing out the stranglehold the dead-headed unions have on the country. They are just like the old UK unions and know they can bring the country to the point of bankruptcy to further their claims.

As for giving away dollars to support the Pesos Buggerituper (the dead headed Mujica appointee) needs to be very careful indeed.

UYU have many laws on the books, many of them very sensible indeed, but (there's always a but in UYU) nobody takes any notice of them and there is very little enforced, if any. There is a law that decrees the Pesos must NOT be more than 25.000 to the dollar. As I write, it is 28.4, when we arrived here in 2011 it was 15.something, so much for that law.

The Central Bank idiot is clearly in breach of the law.
Sep 23rd, 2015 - 11:18 am - Link - Report abuse 0
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ynsere
Shush Chris! Don't tell PIT-CNT about 1960s UK-version demarcation (you know, one worker to pour the tea and another to stir). Employment for three or four can be found in preparing a “mate”.
Sep 24th, 2015 - 01:27 am - Link - Report abuse 0
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ChrisR
@ 2 ynsere

You are correct, but I never thought of it! :o)
Sep 24th, 2015 - 07:27 pm - Link - Report abuse 0
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