Diego Labat on policy normalisation, capital flows and tech challenges

Uruguay governor speaks about financialisation, flexible rates vs controls, payment upgrades and CBDCs

Diego Labat
Photo: Central Bank of Uruguay

You became interim governor in March 2020, at the height of the Covid-19 pandemic. How did the central bank cope?

I joined in March 2020, just as we experienced the first days of the pandemic in Uruguay. We had to quickly adjust our short-term actions to put monetary policy in on an expansionary footing and help sustain activity. We also took a series of measures in the financial system that would allow banks to be part of the solution to the crisis – so facilitating refinancing and other

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