On the last day the American dollar was paid at closing to 39.47 Uruguayan pesos on averageso that it represented a change of 1.69% when compared to the 38.81 pesos of the previous day.
In relation to the profitability of the last week, the American dollar marks a rise of 0.48%%therefore in the last year it still maintains an increase in 4.94%.
Analyzing this data with that of previous days, accumulated two consecutive days in green. Regarding the volatility of the last few days, it was 18.33%, which is a figure higher than the annual volatility figure (15.75%), which shows that it is going through a phase of instability.
The Government of Uruguay plans to resume economic growth by 2024 with the export of goods and services as a driver of these positive effects after registering a drop in the Gross Domestic Product (GDP) in the first two semesters of the year.
In the first week of the year, the dollar rose in the local market and remained almost in the same range as at the end of 2023, according to data from the Central Bank of Uruguay (BCU). Economists predict a 2024 marked by the weakness of the US currency due to cuts by the United States Federal Reserve (Fed).
The peso is the currency in official circulation in Uruguay since 1993 and replaced the old pesos after the country suffered a period of high inflation.
It was as of October 29, 1991 when the Central Bank of Uruguay was authorized to issue new banknotes to remove the old Uruguayan pesos that were equivalent to 1,000 new pesos. The currency began to circulate until March 1993.
In the 1990s, a new mechanism was introduced to more accurately predict the value of the peso in relation to the dollar, establishing a floating band method.
Later, in 2002 with Jorge Batlle as president, Uruguay experienced a financial crisis due to capital flight, so it was difficult to control the exchange market until months later when it was decided to opt for the independent floating system, which is the one that has been maintained today.
After the maxidevaluation of 2002, a period of currency appreciation. It should be noted that the coins use animals and national figures on the reverse as a design.
Economically, Uruguay stands out in Latin America for its high per capita income, its low levels of inequality and poverty, with 60% of its population being middle class.
Among the challenges facing Uruguay are the improve your competitiveness and long-term growth, incorporate women into economic activities and transform education.
