Tag: Central Bank of Uruguay

• Friday, March 21st 2025 - 10:17 UTC

  Uruguay’s economy rebounded in 2024, but growth expected to slow in 2025

  

  Uruguay’s economy expanded by 3.1% in 2024, recovering from a severe drought the previous year, according to national accounts data released by the Central Bank of Uruguay (BCU). However, economists warn that growth in 2025 is likely to return to the country's historical pace of slower expansion.

• Thursday, February 6th 2025 - 08:23 UTC

  Uruguay's inflation reaches 1.1% in January

  

  Uruguay's Consumer Price Index (CPI) went up 1.1% last month and 5.05% interannually, the National Institute of Statistics (INE) said in a report released Wednesday in Montevideo. Wednesday's figures represented a slight improvement for President Luis Lacalle Pou's administration after recording 1.53% in January 2024 for a 5.09% yoy.

• Wednesday, January 29th 2025 - 20:07 UTC

  Financial scandal in Uruguay: Conexión Ganadera and the model that ended up as a Ponzi scheme

  

  The collapse of Conexión Ganadera, one of Uruguay's leading cattle investment firms, has left hundreds of savers in suspense after it was revealed that its financial model operated as a Ponzi scheme. This was stated by accountant Ricardo Giovio, hired by the company to evaluate its situation.

• Tuesday, December 24th 2024 - 10:31 UTC

  Uruguay's BCU ups basic interest rate

  

  Uruguay's Central Bank (BCU) Monetary Policy Committee decided Monday to raise the TPM benchmark interest rate from 8.5% to 8.75% in a move to make inflation and expectations “meet” at 4.5% annually over the last 24 months. It was the first twitch to the TPM since April when it was cut from from 9%.

• Wednesday, August 28th 2024 - 09:36 UTC

  BCU's new VP insists the peso/dollar exchange rate is ruled by supply and demand

  

  Uruguay's Central Bank Vice President Martín Inthamoussu said Tuesday that the exchange rate between the local peso and the US dollar was “set by supply and demand.” He made those remarks minutes after taking up his new position and pledged to work to keep inflation low amid financial stability.

• Thursday, March 28th 2024 - 11:31 UTC

  Uruguayan rural producers affected by stronger local currency

  

  Uruguay's rural producers underlined that the constant appreciation of the local peso against the US dollar was detrimental to their exporting activities and insisted that the appropriate exchange rate should be US$ 1 = UY$ 58 instead of UY$ 37.5, which represents a 3.9% drop so far this year.

• Friday, September 15th 2023 - 11:10 UTC

  Drought strikes: Uruguay's economy shrinks by 2.5% in Year-on-Year analysis

  

  The Central Bank of Uruguay has unveiled concerning economic data, revealing a 2.5% year-on-year decline in the country's Gross Domestic Product (GDP) for the second semester of 2023. The figures, released on Thursday, shed light on the adverse effects of the drought on Uruguay's economic landscape.

• Friday, March 31st 2023 - 16:04 UTC

  Two-thirds of high-net-worth individuals investing in Uruguay are Argentinean: see details

  

  The sector of investment advisors and portfolio managers in Uruguay grew in the number of clients and employees last year. This sector currently manages the money of 36,170 clients, 63% of whom are Argentine, with a total of US$ 28.93 billion invested in different instruments.

• Wednesday, March 29th 2023 - 10:58 UTC

  Uruguay's Executive to cover for Central Bank's deficit

  

  Uruguay's Executive Branch Tuesday admitted the Central Bank (BCU) reserves were below their legal threshold by Dec. 31, 2022, and a capitalization plan was therefore needed.

• Friday, December 16th 2022 - 09:35 UTC

  Uruguay's economy unchanged since second quarter of 2022

  

  Uruguay's Central Bank (BCU) Thursday issued a report showing the country's economy for the third trimester of 2022 “remained at similar levels to those of the second quarter of the year.”