The Central Bank of Uruguay published remarks by its president, Guillermo Tolosa, delivered to business leaders at an event hosted by Vistage Uruguay, setting out the bank’s current monetary policy priorities and broader strategic vision. He highlighted the need to reduce the cost of credit in Uruguayan pesos, strengthen the supply of lending in domestic currency, and improve access to financing, particularly for smaller firms, alongside continued work to anchor inflation expectations. Tolosa pointed to a structural gap in financing conditions, noting that Uruguay can borrow more cheaply in US dollars than several countries in the region, while peso borrowing costs are several percentage points higher, affecting the state, companies, and households. He also compared Uruguay’s real interest rates on domestic-currency credit unfavourably with those in several South American countries, and linked Uruguay’s ability to navigate global uncertainty to its buffers and reserves, citing strong inflation control and institutional stability.
Central Bank of Uruguay 2025-06-17
Central Bank of Uruguay president calls for cutting peso credit costs and expanding local-currency lending
Central Bank of Uruguay's president, Guillermo Tolosa, at a Vistage Uruguay event, emphasized reducing credit costs in Uruguayan pesos and enhancing domestic currency lending. Tolosa noted a structural financing gap, with higher peso borrowing costs compared to US dollars and unfavourable real interest rates relative to other South American countries. He stressed Uruguay's strong inflation control and institutional stability as key to navigating global uncertainty.