After the opening of the trading session, the euro was trading at the opening at 46.93 Uruguayan pesos on average, a rise of 1.09% compared to the value of the previous day, when it closed with 46.43 Uruguayan pesos on average.
Compared to the last seven days, the euro accumulated a rise of 1.94%; although in year-on-year terms it still accumulates a decrease of 12.05%. As for the changes of this day compared to previous dates, it turns the tables with respect to that of the previous day, where it marked a decrease of 0.27%, proving unable to consolidate a stable trend in recent dates. The volatility of the last seven days shows a lower balance than the volatility reflected in the last year's data, which indicates that we can say that it is going through a period of greater stability in recent days.
In the last year, the euro has changed by a high of 50.89 Uruguayan pesos on average, while its lowest level has been 45.65 Uruguayan pesos on average. The euro is placed closer to its minimum value than to the maximum.
The Uruguayan currency
The peso has been the official circulation currency in Uruguay since 1993 and replaced the old pesos after the country suffered a period of high inflation.
It was from October 29, 1991 that the Central Bank of Uruguay was authorized to issue new banknotes to remove the old Uruguayan pesos equivalent to 1,000 new pesos. The coin began to circulate until March 1993.
A new mechanism was introduced in the 1990s to be able to predict more accurately the value of the peso against the dollar, establishing a floating band method.
Later, in 2002, with Jorge Batlle as president, Uruguay experienced a financial crisis due to capital flight, making it difficult to control the exchange market until months later it was decided to opt for the independent flotation system, which is the one that has been maintained today.
After the 2002 maxidevaluation, a period of currency appreciation followed. It should be noted that the coins use animals and national figures on the back as a design.
In the economic sphere, Uruguay has begun to show signs of recovery after the ravages of the coronavirus pandemic. In 2021, the country recovered the 108,000 jobs it had lost in 2020, in addition to 9,000 more jobs.
However, the Uruguayan administration has also taken the decision to increase tariffs for the most consumed fuels in the country by three pesos, which has also aroused discontent among citizens.
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Agencies