Central Bank of Uruguay President Guillermo Tolosa urged investment advisers to assess returns in the currency clients will use for spending, rather than presenting only dollar returns. Speaking at the fourth CAIU Day, organized by Uruguay’s Chamber of Investment Advisers and Portfolio Managers, he emphasized that exchange rate fluctuations can significantly change the purchasing power of savings. This focus on purchasing power is consistent with the bank’s foreign currency deposit risk warning, which took effect Oct. 1. Tolosa highlighted the growing resilience of emerging economies, including Uruguay, to international financial turbulence and the role of their assets in diversified global portfolios. Diversification that includes these assets can help align investment outcomes with clients’ future needs. He also identified modernization of securities market infrastructure and updates to the investment fund regulatory framework as opportunities to develop Uruguay’s financial industry. As of December 2025, 176 investment advisers and portfolio managers administered USD 47.29 billion from Uruguay for 88,298 clients.
Central Bank of Uruguay President Guillermo Tolosa urges assessing investment returns in clients’ spending currency
Central Bank of Uruguay President Guillermo Tolosa told CAIU Day that investment returns should be assessed in clients’ spending currency, not solely in dollars. He highlighted emerging economy assets as a means of diversifying portfolios and better matching clients’ future needs. He also identified securities market infrastructure and investment fund rules as areas for modernization.