Investor Presentaiton
4
Change to short term interest rate as the monetary policy
instrument has resulted in less volatility in the interbank
interest rate
Central Bank's Projected Inflation Path (1)
(YOY, in %)
12
10
8
σ
Central Bank's projections
as of September 2021
Interbank interest rate and Monetary Policy Rate (MPR) (2)
(In %)
9
8
7
Year-end inflation
expectations
6.9
2
Mar.-18 Mar-19 Mar.-20 Mar.-21 Mar. 22 Mar.-23
6.5
5
4
MPR
Interbank interest rate (average)
Implementation of
the MPR regime
3+
Mar-20
Jul-20
Nov-20
Mar-21
Jul-21
Nov-21
21
(1) Source: Central Bank of Uruguay; Quarterly forecasts of the baseline scenario of the Central Bank as of December 2021. Break evens as of December 22, 2021.
(2) Source: Central Bank of Uruguay. Before September 2020, the monetary policy instrument was the M1'monetary aggregate growth target.
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