Itaú BBA - Macro Scenario – Uruguay: The central bank will maintain its expansionary bias in monetary policy

Macro Latam

< Back

Macro Scenario – Uruguay: The central bank will maintain its expansionary bias in monetary policy

November 16, 2020

The closure of borders during tourist season will hamper the recovery

For the version with all charts and tables, please open the attached pdf file

 
The central bank kept the monetary policy rate unchanged and announced that it will maintain its expansionary bias until the end of 1Q21. We forecast 9.5% inflation this year.

 Activity recovered sequentially in 3Q20, but the closure of borders during tourist season will hamper any recovery. We expect a GDP drop of 4.0% in 2020 and growth of 3% in 2021 (4.4% previously).

Juan Carlos Barboza
Diego Ciongo


For the version with all charts and tables, please open the attached pdf file



< Back