Exchange Rate in Uruguay
Uruguay - Exchange Rate
Uruguayan peso breaks the 30.00 UYU per USD mark in January
On 4 January, the Uruguayan peso broke modern records and breached the 30.00 UYU per USD mark. By 13 January, the peso had continued its depreciatory trend unabatedly and reached 30.65 UYU per USD, marking a 3.2% monthly decrease. The figure is also 24.6% weaker than the corresponding period in 2015. The currency would have witnessed a starker depreciation,, had it not been for the central bank’s efforts to contain the depreciation of the currency.
Uruguay is not alone when it comes to currency pressures, as the recently initiated tightening cycle by the Fed has prompted a steady outflow of capital from emerging markets in the US, strengthening the USD and weakening other currencies. Prices for Uruguay’s agricultural exports, including meat and soya exports, have also fallen, further exacerbating the situation.
The weaker currency has pushed up inflation via higher imported prices, forcing the central bank to act. The Bank’s active foreign exchange reserves have fallen steadily since the beginning of December as it tries to limit volatility in the FX markets. Currently, the Bank still holds ample reserves, however protracted interventions in the FX markets could reduce the country’s fiscal buffers, thereby putting further pressure on the peso.
Panelists surveyed for this month’s LatinFocus report see the peso ending this year at 33.1 UYU per USD. Next year, the panel sees the currency trading at 34.5 UYU per USD.
Uruguay - Exchange Rate Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 29.91 | 29.33 | 28.83 | 32.42 | 37.33 |
Uruguay Exchange Rate Chart
Source: Central Bank of Uruguay.
Uruguay Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 37.33 | 0.24 % | Jan 01 |
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Economic News
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Uruguay: Industrial output growth eases in March
May 12, 2022
Industrial output expanded 5.5% compared to the same month a year earlier in March, which followed February’s 11.5% increase. Meanwhile, annual average industrial production growth rose to 14.5% in January (December: +14.3%), signaling an improving trend in the industrial sector.
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Uruguay: Inflation holds steady in April
May 5, 2022
Consumer prices increased 0.49% from the previous month in April, below the 1.11% increase recorded in March.
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Uruguay: Central Bank delivers another rate hike in April
April 8, 2022
At its 8 April meeting, the Monetary Policy Committee of the Central Bank of Uruguay hiked its monetary policy rate by 125 basis points to 8.50%.
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Uruguay: Inflation continues to rise in March
April 5, 2022
Consumer prices rose 1.11% over the previous month in March, weaker than February's 1.47% jump.
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Uruguay: GDP growth slows in Q4, but remains strong nonetheless
March 23, 2022
The economy expanded 5.9% year-on-year in the fourth quarter, after having increased 6.2% in the third quarter of last year.
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