Argentina woes deplete Uruguay’s reserves – IMF
Reserves drop from $15.6 billion to $14.3 billion in 12 months
Volatility in Uruguay’s exchange rate caused a drop in reserves of 25% of GDP this year, according to a statement released by the International Monetary Fund.
In a concluding statement after its latest Article IV mission to the country, the fund noted spillovers from Argentina had impacted Uruguay’s exchange rate significantly over the past 12 months.
While the fund says intervention by the Central Bank of Uruguay was focused on addressing disorderly market conditions, it was also “two sided”
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