Monetary Policy Framework Enhancement

4. The nominal exchange rate has shown relative stability over the last year, including during risk-off episodes Nominal Exchange Volatility in LatAm (1) International Reserves in Latam (2) (Quarterly average of absolute value of daily percent changes) (In % of GDP, as of end-June 2021) 1.6 1.2 0.8 0.4 Uruguay 0.0 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 (1) Source: ECLAC, based on Bloomberg. (2) Source: Official National Statistics of each country. 35 55 30 25 20 15 10 5 T 30.2 19

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