Central Bank of Uruguay president meets IMF Managing Director Georgieva and sets out buffers and de-dollarisation priorities at Spring Meetings

The Central Bank of Uruguay reported that its president, Guillermo Tolosa, met International Monetary Fund (IMF) Managing Director Kristalina Georgieva in Washington during the IMF and World Bank Spring Meetings and delivered Uruguay’s statement as the country’s governor at the IMF at a gathering of ministers and central bank governors from the Americas. Tolosa framed Uruguay’s recent policy approach around long-running strategic risk management built on “buffer” mechanisms and diversification, alongside a monetary policy agenda aimed at anchoring inflation expectations. He pointed to ample central bank reserve assets, bank capital and liquidity ratios that are among the highest internationally, and a sovereign debt duration he described as among the longest in emerging markets. The update also highlighted diversification of trade partners, the currency composition and investor base of public debt, and a shift in energy sources toward renewables and away from fossil fuels and imported energy. On monetary policy, Tolosa emphasised further de-dollarisation measures to improve transmission, clearer communication, and an agenda to reduce price indexation to the exchange rate, while stressing prudence in a challenging global environment.