Uruguay: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Uruguay

International Monetary Fund

No 2009/104, IMF Staff Country Reports from International Monetary Fund

Abstract: Uruguay has consolidated economic gains, supported by strong macroeconomic policies and a broadly favorable external environment. Growth has exceeded expectations, unemployment has reached record lows, and poverty has continued to fall, while economic vulnerabilities have been significantly reduced. Despite strong credit growth, financial system soundness indicators have improved, showing a well-capitalized banking system, low nonperforming loan ratios and high liquidity levels. Executive Directors have welcomed the measures the authorities have taken to reduce inflationary pressures, including increases in the policy rate and banks’ reserve requirements and tax administrative measures.

Keywords: ISCR; CR; inflation expectation; central bank reform; draft law; headline inflation; monetary policy; downside side risk; staff report; Inflation; Currencies; Credit; Global (search for similar items in EconPapers)
Pages: 59
Date: 2009-03-30
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