Central Bank of Uruguay completes institutional restructuring, separates monetary policy analysis and implementation

The Central Bank of Uruguay has completed an institutional restructuring that more clearly separates monetary policy analysis from implementation. The new structure assigns economic analysis and research supporting monetary policy and financial stability decisions to a chief economist, while implementation will sit within a new Financial Policy and Payments System Management division. Bertrand Gruss was appointed chief economist through an international public selection process and will join after the required institutional authorizations are completed. Fabio Malacrida will lead the new division, which combines asset and liability management, financial markets and payment infrastructure functions to improve operational coordination. The bank also appointed Carlos Herrera as general manager to coordinate its business areas, improve resource use and streamline decision-making. The restructuring followed an organizational review supported by an Inter-American Development Bank consultancy.