Uruguay relies on its exports

Jan 03, 2013, 1:50 PM EST

Inflation continues to be the key risk of Uruguay's economy, the country's Central Bank raised its benchmark interest rate to 9.25% at the end of 2012. Since then, the Latin American state has set two new records linked to their exports. On one behalf a massive purchase of U.S. dollars the second day of the year --at 120 million dollars-- aimed to keep Uruguayan Peso from further appreciation which threatens the country's exports. On the other, it was reported that its exports increased 9% last year over 2011, reaching 8.751 billion dollars a numerical historic. Uruguay's credit rating was raised to investment grade by Standard & Poor’s in April and by Moody’s Investors Service in July after the country reduced debt and diversified exports.