Investor Presentaiton
...despite real exchange rate appreciation; large international
reserve buffers are a significant external backstop.
Real Effective Exchange Rate of Uruguay (1)
(Index base 100 = average 2019)
130
International reserves in Latam (2)
(As of end of August 2023, in % of GDP)
30
120
110
100
90
80
-Multilateral excluding Arg and Bra
-Multilateral
-Regional (Arg and Bra)
19.9
20
10
86.4
83.9
80.9
70
Aug-19
Aug-20
Aug-21
Aug-22
Aug-23
(1) Source: Central Bank of Uruguay.
(2) Source: International Monetary Fund, expect for Uruguay, where international reserves correspond to data from Central Bank of Uruguay. International reserves for Peru correspond to end-
September 2023. The nominal GDP in US dollars corresponds to 2023, based on WEO projections as of April 2023. Regional and country specific information is as aggregated or reported, as
applicable. Each such country information may be calculated differently and aggregated by each respective source using various methodologies. Accordingly, this comparison is for illustrative
purposes only and we do not purport assert that the above information is actually comparable.
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