Dollar: closing price today February 27 in Uruguay

Uruguay has started to show signs of recovery after the havoc the Covid-19 pandemic has had on the economy. (Infobase)

He American dollar paid at the close of 38.76 Uruguayan pesos on average so that it represented a variation of 0.26% compared to the 38.87 Uruguayan pesos on average the previous day.

With reference to the profitability of the last seven days, the American dollar records a fall 0.74%so that year-on-year it still maintains a decline 3.11%.

weight is currency official circulation in Uruguay since 1993 and replaced the older pesos after the country suffered a period of high inflation.

It was from October 29, 1991 when the Central Bank of Uruguay was authorized to issue new banknotes to withdraw old Uruguayan pesos which were equivalent to 1,000 new pesos. The coin began circulating until March 1993.

In the 1990s, a new mechanism was introduced to better predict the value of the peso against the dollar, establishing a floating band method.

Later, in 2002 with Jorge Batlle as president, Uruguay has experienced a financial crisis due to capital flight, it was therefore difficult to control the foreign exchange market until months later it was decided to opt for the independent floating system, which is the one that has been maintained today today.

After the 2002 maxi-devaluation, it was followed by a period of currency appreciation. It should be noted that the coins use animals and national figures on the reverse side as a motif.

Economically, Uruguay stands out in Latin America for its high per capita income, low levels of inequality and poverty, with 60% of its population belonging to the middle class.

According to the Economic Commission for Latin America and the Caribbean (Cepal), for this 2023 the Uruguayan economy could grow up to 3%which would imply a slowdown influenced by weaker growth in the main Mercosur partners, the global economic slowdown and the tightening of monetary policies.

Among the challenges facing Uruguay are improve your competitiveness and long-term growth, integrating women into economic activities and transforming education.