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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 21.13 | 24.37 | 29.91 | 29.33 | 28.83 |
Uruguay Exchange Rate Chart
Source: Central Bank of Uruguay.
Uruguay Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 35.11 | 0.24 % | Jul 11 |
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Economic News
Uruguay: Industrial production slumps in May
July 12, 2019
Industrial production fell 2.5% over the same month of the previous year in May, contrasting a mild 0.4% year-on-year increase in April which had marked a short-lived return to output growth.
Uruguay: Central Bank maintains M1+ target in July
July 12, 2019
At its 12 July monetary policy meeting, the Central Bank of Uruguay maintained its target for the growth rate of the M1+ money supply in Q3 2019 at 8.0%–10.0%, unchanged from previous quarter’s target.
Uruguay: Inflation falls to a five-month low in June
July 4, 2019
Consumer prices rose 0.6% from a month earlier in June, up slightly from May’s 0.4% increase.
Uruguay: Economy contracts for first time in over three years in Q1
June 20, 2019
The economy shrank 0.2% year-on-year in the first quarter, contrasting the fourth quarter’s 0.6% expansion and marking the first contraction since the 2015 recession.
Uruguay: Industrial production recovers slightly in April
June 13, 2019
Industrial production rose 0.4% over the same month of the previous year in April, rebounding from a 5.5% year-on-year drop in March which had marked the worst reading so far this year.
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