这一拉美央行发起“去美元化”攻势

Core Viewpoint - The Central Bank of Uruguay is attempting to reduce the country's long-standing reliance on the US dollar, arguing that this habit is detrimental to the national economy and the wealth of its citizens [1][3]. Group 1: Central Bank Initiatives - Central Bank Governor Guillermo Tolosa plans to hold a press conference to outline monetary policy and de-dollarization strategies, including measures to increase the use of the Uruguayan peso [1]. - Initial measures include raising capital requirements for certain dollar loans and removing reserve requirements for some peso deposits to encourage banks to lend in local currency [1]. - The government is also considering mandatory dual pricing for goods, requiring foreign currency prices to be accompanied by peso prices [1]. Group 2: Economic Context - Over two-thirds of bank deposits in Uruguay are held in US dollars, making the shift away from dollar reliance a challenging endeavor [1]. - The habit of holding dollars began in the late 20th century during periods of high inflation and currency devaluation [1]. - The Central Bank unexpectedly cut interest rates by 50 basis points due to a lower-than-expected inflation rate of 4.1% in November, down from the official target of 4.5% [1]. Group 3: International Environment - The Central Bank noted a highly uncertain international environment, with a generally loose global financial climate and stable low commodity prices [2]. - The dollar is weakening globally, contrasting with neighboring Argentina, where President Javier Milei is pushing for labor reforms that allow workers to choose their salary currency [2]. Group 4: Historical Perspective and Future Outlook - Tolosa believes that Uruguay's dependence on the dollar is an outdated habit from economic turmoil, asserting that investing in dollars now is akin to gambling due to fluctuating purchasing power [3]. - He emphasized that saving in dollars has been detrimental to Uruguayans, with the real purchasing power of dollar accounts halving over the past 20 years [3]. - The move to reduce dollar dependence reflects broader discussions about the future status of the dollar, with its share in global central bank reserves declining from approximately 71% in the early 2000s to nearly 59% last year, according to IMF data [3].