I already mentioned this, but buried in a reply to another member, in a long comment thread. Posting here to surface it for others. Deal on a "CD" in the "indexed" currency here, the UI. Triple the normal interest for time deposits, on this already inflation-indexed "currency".

BROU, the bank we all love to hate but have to deal with at least when dealing with other people and businesses here, has a "triple-interest" offer, this month only, on Plazo Fijo deposits (the UY term for what US folks call a "CD - Certificate of Deposit") - those denominated in the psuedo-currency called Unidad Indexada (U.I.) The UI is basically a "Cost of Living" or "Consumer Price Index" tracking psuedo-currency. Where Uruguay is somewhat of a "managed economy" with a lot of "democratic socialism" ("somewhat"??), the amount the UI goes up is published a few months in advance, rather than more logically being a "Hey, how much did prices go up?" observation.

Nonetheless, unlike the Uruguayan Peso, or the unofficial second currency, the US Dollar ("unofficial"??), the UI is the only consumer-available "bank deposit currency" that track the real increase in cost of living here, más-o-menos. And it is closely related to, though not identical to, the Unidad Reajustable used to price various government services and forms, and the Unidad Reajustable de Alquileres (the Rental Cost adjustable unit, the URA). The URA in turn is what the government uses to determine the URA Coefficient, which is the published amount by which landlords are allowed to raise your rent during each year of a multi-year contract. (Maximum contracts/leases here being 2 years with a 3rd year option, with increase by the URA coefficient each year's anniversary.)

The UI isn't the URA. But it's the closest thing you can do a guaranteed bank deposit in. Which if you're a renter (like me) or if you are saving for something that you know may well vary with the inflation rate, may make sense for keeping up with Uruguay prices with an in-Uruguay indexed "currency".

Basically, X amount in UI, at the peso cost today, should be worth about the same buying power in pesos (which will be a bigger number) a year from now. Plus normally a small amount of interest on UI time deposits. BROU, however, has this "triple the interest" short-term deal on the UI "CD".

But only if you open it online. Which means that you have to already have a BROU account (at least a basic caja de ahorros - no-interest savings), and a BROU online profile that is of a higher level than the sometimes-default "Consultas". I won't go into all the "fun" I had upgrading my profile a few months ago to one that now can do online payments, transfers to other banks, and in theory open new accounts. But it involved a lot of password-re-typing, weirdly-buried menu structures where options aren't where you think they would be, and a trip to a BROU ATM/Autoservismo in order to confirm, in "person" to the machine, the changes I requested online.

However, if you have all that, or can get it going, you might be interested.


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