New Vice President of BCU Emphasizes Market Forces in Peso/Dollar Exchange Rate
Uruguay’s Central Bank welcomed its new Vice President, Martín Inthamoussu, who wasted no time emphasizing the role of supply and demand in determining the exchange rate between the local peso and the US dollar. Stepping into his new position, Inthamoussu reiterated the importance of maintaining low inflation levels while ensuring financial stability in the country.
Key Points from Inthamoussu’s Address:
- Inthamoussu highlighted the Central Bank’s dual objectives of price stability through low inflation rates and financial stability in the country.
- He stressed that the primary goal of the Central Bank is to control inflation, with no specific exchange rate target in mind, as the dollar’s price is dictated by market dynamics.
- The recent focus of the BCU has been on monetary policy, aligning with updates to management policies and developing a robust financial and payment system.
- Inthamoussu emphasized a culture of innovation within the BCU, integrating internal and external strategies for growth and development.
- In August, Inthamoussu’s appointment received approval from the Senate and formal endorsement from President Luis Lacalle Pou.
Inthamoussu’s tenure as an advisor to the BCU Presidency and prior experience at Ancap underlines his expertise in financial matters. With inflation levels within the target range of 3 to 6% since June 2023, Uruguay continues on a path of economic stability.
In conclusion, Vice President Inthamoussu’s commitment to guiding the exchange rate based on market forces echoes a prudent approach to maintaining economic equilibrium. By focusing on price stability and financial soundness, the Central Bank aims to safeguard Uruguay’s economic prosperity in the long term.
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