Monetary Policy Framework Enhancement

80 In 2021, Uruguay's bond issuance has been mostly in local currency, with a growing relevance of the domestic market Emerging Markets: Sovereign International Bond Issuances during 2021 (*) (1) (In US$ million, as of end-September) Indonesia Chile Turkey Bahrain Philippines Ghana Romania Colombia Egypt Abu Dhabi (UAE) Panama Peru Mexico Oman Pakistan Saudi Arabia Serbia Ivory Coast Hong Kong Maldives Croatia Paraguay Brazíl Malaysia Rep. of Benin Sharjah (UAF) Uruguay Georgia Dom. Rep. Armenia Russia Ukraine Kenya Guatemala Senegal North Macedonia Uruguay: Treasury Notes Issuances in Domestic Market (2) (In US$ million equivalent, as of end-September, 2021) 2,000 Total annual issuances Issuance accumulated through Sept. each year 1,500 Foreign currency Local currency 1,000 500 5,000 10,000 15,000 20,000 (*) For countries with several transactions in multiple currencies during the year, it shows the sum of total amount issued. Excludes European EM countries that have issued in Euros. (1) Source: Bloomberg/(2) Source: Debt Management Unit, Ministry of Economy and Finance of Uruguay. T 2012 2014 2016 2018 2020 2021 YTD 32

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