In an interview with Radio Sarandí, Tolosa stated that setting home prices in dollars induces errors in financial decisions. He pointed out that this practice leads Uruguayans to believe that they must save in dollars to buy a house, even though the real construction costs depend on local variables such as salaries and inflation.
The head of the BCU warned that inflation in dollars in the real estate sector was very high in recent decades, while savings in that currency had low returns, which caused a loss of purchasing power and kept many families away from access to housing. Instead, he argued that saving on UI would have reduced those losses.
Tolosa also warned about the risks of exchange volatility. He recalled that the fall of the dollar in the last year affected the income of developers who sell in that currency, generating financial mismatches, delays in works and even bankruptcies, with an impact on employment and investment.
The leader questioned whether local businesses are exposed to external factors such as the monetary policy of the United States and warned that dollarization generates real estate projects that do not materialize.
In this framework, the BCU supported the construction sector’s proposal to move towards UI transactions to align costs and income, reduce uncertainty and reduce exposure to external shocks.
Tolosa also linked this phenomenon to the lack of financial education and pointed out that 80% of deposits in Uruguay do not generate interest, which deteriorates purchasing power in the long term. He insisted on the need to strengthen the use of instruments in local currency.
