The market seems to digest more and more the idea that the exchange rate delay that lives Uruguay It will be a process of slow reversal, periodically adjusting your expectations about the price of the dollar down.
This was demonstrated by the last Economic Expectation Survey of the Central Bank of Uruguay (BCU)released yesterday. Analysts and economic agents consulted by the monetary authority anticipate that the dollar trade around 39.80 pesos in December, 20 cents less than in the previous measurement.
The downward correction of the projection of the value of the dollar in Uruguay It is 11.55% if one takes into account what the market estimated a year ago for the same month, when it placed the value of the US currency at 45 pesos.
The last time he dollar reached 45 pesos was more than three years ago, on March 20, 2020 when it was sold at 45.04 pesos.
The dollar accumulates a fall of 5.56% in the year
He dollar it closed yesterday with a new low (0.43%) and was once again outside the 38-peso range, a space in which it has been difficult to remain in recent months.
The BCU interbank was sold at 37.84 pesos, while Banco República (BROU) offered it at 36.70 pesos for purchase, and 39.10 pesos for sale. On the other hand, the preferential value of the eBROU dollar it was at 37.20 pesos for the purchase and 38.60 pesos for the sale.
The accumulated depreciation of the dollar so far in 2023 it reaches 5.56%, while at the year-on-year level the drop is 6.26%. However, in August the US currency accumulates an increase of 1.11%.
Ruralistas and industrialists return to the charge against the exchange rate delay
The update of the rate in the Cuenca del Plata Terminal (TCP)which rose 17% with the authorization of the Executive, reignited the criticism of different economic actors on the exchange rate delay and its management by the government.
Fernando Pachepresident of the Chamber of Industries of Uruguay (CIU)assured yesterday that “Katoen Natie with the letter that he presents 24% in June, he transforms it into 17% to date, the government supports it, and that letter had an argument of a exchange rate delaywe understand then that the government endorsed that there is a exchange rate delay 17%, and the truth is that the issue has us very concerned”.
The rural federation He also expressed his concern about the rate adjustment. He pointed out that from the sector “they have been facing a exchange rate delay very severe in a complicated global context and in the midst of one of the most important droughts in recent decades”.
Source: Ambito
