The Central Bank of Uruguay published remarks by its President, Guillermo Tolosa, delivered in Washington during the International Monetary Fund and World Bank Spring Meetings, where he addressed ministers and central bank governors from the Americas alongside International Monetary Fund Managing Director Kristalina Georgieva. Tolosa framed Uruguay’s approach over the past two decades around strategic risk management built on two pillars, buffers and diversification, and linked this to an agenda to anchor inflation expectations by strengthening the monetary policy framework. In outlining the country’s buffers, he pointed to ample central bank reserve assets, banking system capital and liquidity ratios that are among the highest internationally, and a sovereign debt duration he described as among the longest in emerging markets. On diversification, he cited broader trade partnerships, changes in the currency composition and investor base of public debt, and an energy shift toward renewables away from fossil fuels and imported energy. On inflation, he highlighted additional de-dollarisation measures to improve monetary transmission, clearer communication, and an agenda aimed at decoupling prices from the exchange rate, while also stressing the need for responsibility and prudence in a challenging global environment.
Central Bank of Uruguay 2025-05-02
Central Bank of Uruguay outlines risk-management buffers and de-dollarisation priorities in IMF Spring Meetings statement
Uruguay's Central Bank President, Guillermo Tolosa, highlighted strategic risk management at the IMF and World Bank Spring Meetings, focusing on buffers and diversification. He emphasized strong central bank reserves, high banking system capital and liquidity ratios, and long sovereign debt duration. Tolosa also discussed efforts to anchor inflation expectations through de-dollarisation, improved monetary transmission, and clearer communication.