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International Monetary Fund. Monetary and Capital Markets Department
The Central Bank of Uruguay (BCU) is implementing transparency practices that are broadly aligned with the good practices for central banks (Table 1). The institution’s comprehensive communication tools and strategy underpin the commitment to transparency and its accountability for the price stability and financial system soundness mandates. In addition, the adoption of transparency among its value statements supports its mission “to contribute to the wellbeing of the society.” The BCU management wants to make further improvements in the transparency practices and envisions that by relying on its strong legal and institutional arrangements this can be achieved. Ultimately, the BCU intends to be recognized as an “independent, effective, and reliable institution with the capability to anticipate and respond to new challenges.”
International Monetary Fund. Monetary and Capital Markets Department

Recommendations SCOPE AND OBJECTIVE APPROACH AND METHODOLOGY BACKGROUND MAIN FINDINGS A. Pillar I: Transparency in Governance B. Pillars II, III, and IV: Transparency in Policies, Operations, and Outcome C. Pillar V: Transparency in Official Relations DETAILED REVIEW AUTHORITY’S RESPONSE TO THE REVIEW BOXES 1. Recent Initiatives of the BCU to Improve Transparency of Monetary Policy and its Coordination with Fiscal Policy 2. Transparency in Consumer Protection—Experiences from a Small Central Bank TABLES 1. CBT Review Summary for Transparency

International Monetary Fund. Monetary and Capital Markets Department

the transparency practices and envisions that by relying on its strong legal and institutional arrangements this can be achieved. Ultimately, the BCU intends to be recognized as an “ independent, effective, and reliable institution with the capability to anticipate and respond to new challenges .” Table 1. Uruguay: CBT Review Summary for Transparency Practices—Central Bank of Uruguay Pillar Principle Sub-principle Practices Core Expanded Comprehensive I. Governance 1.1. Legal Structure 1.2 Mandate