Uruguay: Central Bank Transparency Code Review

This paper highlights Uruguay’s Central Bank Transparency Code (CBT) Review. The Central Bank of Uruguay (BCU) is implementing transparency practices that are broadly aligned with the good practices for central banks. Improving communication with domestic and international stakeholders is a significant pillar of the medium-term strategic plan. The well-developed communication framework and architecture were assessed to be comprehensive in this IMF CBT review. While general information about its legal structure and mandate are disclosed, enhanced transparency about the scope and depth of institutional, personal, and financial autonomy could be improved. The annual report and website contain the core information, but some important elements require complete information or simpler translations from the legal language. Additional transparency in some areas of governance is needed to enhance institutional accountability. The BCU has developed a transparent and efficient system to safeguard the rights of financial consumers. The BCU has put in place a model system on consumer protection that inspires public confidence and trust.