Monetary Policy Framework Enhancement

G ESG: Uruguay is a bastion of institutional, political and social stability in LatAm, ranking alongside most developed nations Political Stability and Democracy (1) (Percentile rank, year 2020) Adherence to the Rule of Law (2) (Numerical score out of 1, year 2021) 0000 0.8 100 "Full Democracies" 80 60 40 20 о 0.6 0.4 0.2 O.O Civil Unrest (3) (Index out of 10, first quarter of 2020) 10 8 00 Corruption Perception (4) (Rank, year 2020) 180 6 4 2 120 60 о 10.5 (1) Source: Worldwide Governance Indicators, World Bank (2021) and The Economist Intelligence Unit (2021). (2) Source: World Justice Project (2021). (3) Source: Verisk Maplecroft ((2020). (4) Source: Transparency International (2021). 28

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