The Central Bank of Uruguay convened an exchange with firms active in Uruguay’s financial market in which its President Guillermo Tolosa, Economy and Finance Minister Gabriel Oddone, and Debt Management Unit Director Herman Kamil outlined their macroeconomic outlook, the government’s priorities and the sovereign financing strategy. Tolosa focused on monetary policy and efforts to secure low and stable inflation aligned with the official 4.5% target, while flagging challenges including persistent upward bias in inflation expectations, asymmetries in the disinflation process, high financial system dollarisation and low local-currency credit relative to gross domestic product. He described ongoing work to consolidate the inflation-targeting framework through consistent macroeconomic policies, increased transparency and improved communication, and strengthening the technical and institutional underpinnings and transmission channels of monetary policy. Oddone positioned responsible public-finance management as the credit anchor for the administration, with an enhanced fiscal rule intended to support convergence to a prudent level of debt, alongside a focus on higher private investment to support growth and fiscal consolidation. Kamil presented 2025 debt-management priorities, including deepening domestic local-currency markets, maintaining a balanced local and foreign-currency mix in international issuance, diversifying the investor base, limiting refinancing risk through liability-management operations and promoting development of the secondary market for global bonds in local currency.

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