The new vice president of the Central Bank of Uruguay (BCU), Martin Inthamoussu, He assured that “the price of dollar It is set by market supply and demand,” by ratifying the free float of the exchange rate during his inauguration ceremony.
Accompanied in the room Enrique Iglesias of the Central Bank by the current authorities of the organization, as well as by the former president Diego Labat and other members of the economic team, such as the director of the OPP, Fernando Blanco, and the Minister of Economy and Finance, Azucena Arbeleche, The leader gave his first definitions on the task of the organization and highlighted the low inflation.
Inthamoussu expressed his satisfaction at being part of a management in which, as he defined, “the two main objectives of the bank are being achieved simultaneously: price stability, from a drop in inflation in the country, and the “financial stability”.
Inflation and the dollar
Inthamoussu was asked about the role that the BCU plays regarding the variation in the price of dollar and what has been described as exchange rate lag by political spokesmen and trade union sectors.
“The main objective of the Central Bank is price stability, so the central goal is to control inflation. The Central Bank does not have an exchange rate objective,” he responded and warned: “The price of the dollar is set by the market, supply and demand. That is, the Central Bank does not have an objective in that sense, so it will depend on the behavior of the market”.
The bank’s strategy in these years has had three fundamental pillars: monetary policy, the development of the financial and payment system, and the management and modernization of the bank,” said the new leader.
An open-door directory that seeks innovation
Along the same lines, he added that “this has been and will continue to be an open-door directory. We have developed a strategy of innovation both internal and external, which is leveraged with the plans of the superintendency, with the roadmap of the payment system and with other initiatives from the bank’s other services.”
Inthamoussu shared details about the internal functioning of the institution and the processes to promote some of the most important initiatives, within the framework of the new management of Washington Ribeiro in front of the bank.
“We recently had a internal hackathon where we are looking for ideas to improve our processes by incorporating technology. Outstanding initiatives have emerged from this interaction with the market and with other organizations, such as the voluntary program debt restructuring launched by the industry, banks and financial institutions, as well as the inclusion of the financial education in the educational curriculum, through an agreement with ANEP”, He mentioned, among other examples, and then highlighted that “these are public policies that address specific problems.”
The vice president of the BCU joined on Friday, August 16, after the approval of the venia by the Senate and the subsequent Resolution of the President Luis Lacalle Pou, acting in the Council of Ministers.
Prior to his appointment, he served as an advisor to the Presidency of the BCU between 2020 and 2024. Previously, he was an advisor to the director of Ancap, Diego Labat. He also held management positions in private pension fund management companies, investment funds and private banking.
Source: Ambito
