Central Bank of Uruguay begins organizational restructuring to strengthen governance and proposes chief economist and general management roles

The Central Bank of Uruguay has started a review and redesign of its organizational structure to align its operations with best practices in governance, according to remarks by President Guillermo Tolosa at the CUGO 2025 forum. The work is being supported by an Inter-American Development Bank consultancy and is intended to clarify oversight and execution responsibilities across the institution. Key elements described include redefining the role of the Board of Directors so it focuses on what is most important and moves away from acting as an executor, and creating a Chief Economist position, envisaged through a proposal included in the Budget Bill, to provide technical leadership on monetary policy and elevate the Bank’s services. A General Management function will be implemented to take delegated responsibility for operational matters, reduce the number of direct reports to the Board, and centralize cross-cutting management decisions. The approach also specifies a risk-governance split in which the Board analyses the most relevant strategic risks, General Management addresses aggregated operational risks, and each management area manages the risks within its remit, alongside emphasis on independent control functions such as compliance risk and internal audit having direct access to the Board. No implementation dates were provided; the Chief Economist role is linked to the budget proposal while the broader restructuring continues as part of the Bank’s ongoing strategic review.