Uruguay: Today’s opening price of the U.S. dollar on August 9 USD to UYU

Uruguay has started to show signs of recovery after the Covid-19 pandemic took its toll on the economy. (database)

After opening Dollar Quote at the beginning of the meeting Average 38.05 Uruguayan pesoCompared with the previous trading day’s average of 37.71 Uruguayan pesos, a change of 0.92%.

As for last week, Dollar mark the rise 2.99% However, compared with the same period last year, there was still a decrease 5.14%.

Compared with the previous period, there has been a cumulative increase for two consecutive days. The fluctuation range in the past seven days is significantly higher than the cumulative fluctuation range last year, and the value change is greater than the general trend.

Peso is currency It has been in official circulation in Uruguay since 1993, replacing the old peso after the country experienced a period of high inflation.

On October 29, 1991, the Central Bank of Uruguay was authorized to issue new banknotes, eliminating the old Uruguayan peso equivalent of 1,000 new pesos. The currency did not enter circulation until March 1993.

In the 1990s, a new mechanism was introduced to more accurately predict the value of the peso relative to the U.S. dollar, establishing the floating band method.

Later, in 2002, when Jorge Batlle became president, Uruguay faces financial crisis Due to capital flight, the foreign exchange market was difficult to control, and it was not until a few months later that the decision was made to change to an independent floating exchange rate system, which is the exchange rate system currently maintained.

After the maximum valuation in 2002, a period currency appreciation. It should be noted that the reverse of the coin features animals and national figures.

Economically, Uruguay stands out in Latin America with high per capita income, low inequality and low poverty, and 60% of the population is middle class.

According to the Economic Commission for Latin America and the Caribbean (ECLAC), Uruguay’s economic growth could reach 3% by 2023meaning the slowdown is driven by slower growth in key Mercosur partners, a slowdown in the global economy and tightening monetary policy.

Challenges facing Uruguay include Improve your competitiveness and long-term growth, including women in the economy and reforming education.

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