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2. Macro and country context: Uruguay

Argentina. For full detail on Argentina, go to The Argentine Thread.

Macro and country context for investors in Uruguay: the constitutional and legal rules behind the Central Bank's price stability mandate and its limits on lending to the State, the inflation target and policy rate, the dual fiscal rule with its 65 percent net debt anchor and the annual borrowing ceiling set by law, and the Unidad Indexada used to index contracts, with the latest official figures from the Central Bank, INE and the Ministry of Economy and Finance. For the Argentine side of trade, FX or tax treaty questions see The Argentine Thread guide.

Investor view. An inflation targeting central bank with legal limits on financing the State, a legislated fiscal rule anchored on net debt and a deep inflation indexed peso market give Uruguay one of the most predictable macro frameworks in the region for long term capital.

Uruguay macro at a glance: the rules behind rates, inflation, the budget and indexationUruguay's Central Bank is an autonomous entity created by the Constitution. By law its main goal is price stability that supports growth and employment, and it may lend to the State only by buying pub