1945

The rate of economic activity decelerated substantially to less than 2% in Uruguay during 1993, in a context in which most of the expansion of demand was met by imports. Inflation declined only slowly, since the inertia produced by the widespread use of indexing mechanisms and rapid money creation due to the acquisition of foreign exchange by the Central Bank of Uruguay overrode the effects of prudent fiscal policy and moderate devaluation of the peso. The variation in consumer prices remained high (53%).

Related Subject(s): Economic and Social Development
Countries: Uruguay
/content/books/9789210601207s002-c019
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