Monetary Policy Framework Enhancement

5 Moderate current account deficit and large international reserves Current Account Balance of Uruguay (Rolling 4-quarters, in % of GDP) 2.0 1.0 0.0 -1.0 -2.0 ודי Goods and Services Balances of Uruguay (Rolling 4-quarters, in % of GDP) 7 6 15 4 3 2 1 Balance of Goods ■Balance of Services 5.0 -2.3 -0.5 -3.0 -1 2016Q4 2018Q2 2019Q4 2021Q2 2016Q4 2018Q2 2019Q4 2021Q2 Source: Central Bank of Uruguay. 21

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