Páginas - Board-of-Directors

Board of Directors

The Board of Directors of the Central Bank of Uruguay is composed of three members appointed in accordance with article 187 of the Constitution of the Republic. The Directors are selected based on their personal and professional background and expertise to ensure independence of criteria, efficiency, objectivity and impartiality in their performance.

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Guillermo Tolosa - Governor

Ana Claudia de los Heros - Vice president

Julio Luis Sanguinetti - Director

Guillermo Tolosa

Governor

Guillermo Tolosa holds a Ph.D. in Economics from the University of California, Los Angeles (UCLA), and a Bachelor’s degree in Economics from the University of the Republic. He brings extensive international experience, having served as an official at the International Monetary Fund (IMF), where he worked across multiple countries and led missions in Eastern Europe.

He has held key positions across policy-oriented institutions, the private sector, and academia. He served as Executive Director of the Center for the Study of Social and Economic Reality (CERES), was a macroeconomic advisor at the London-based consultancy Oxford Economics, a professor at the University of Montevideo (UM), and a researcher at the Center for Economic Research (Cinve). In addition, he has consulted for a range of international organizations.

Tolosa has published several academic publications featured in internationally recognized, peer-reviewed books and journals.

Ana Claudia de los Heros

Vice president

Ana Claudia de los Heros has been a public servant at the BCU since 1999. She served as the manager of the Payments System and as the head of Supply, Models, and Forecasts in the Economic Statistics Department. Between 1985 and 1999, she worked at Banco República.

She holds a Bachelor’s degree in Economics from the Faculty of Economic Sciences and Administration from the University of the Republic (UdelaR), a Postgraduate Diploma in Economics from the same institution, and a Master’s in Applied Macroeconomics from the Pontifical Catholic University of Chile.

Julio Luis Sanguinetti

Director

Doctor of Law and Social Sciences from the University of the Republic. He holds a Master of Laws (LL.M.) from Georgetown University in Washington, D.C., United States.

He developed his professional career in the private sector, specializing in investment and commercial law at both national and international levels.

He has worked as a consultant for organizations such as the Inter-American Development Bank (IDB), the Institute for the Integration of Latin America and the Caribbean (INTAL), the International Labour Organization (ILO), the United Nations Educational, Scientific and Cultural Organization (UNESCO), and the United Nations Development Programme (UNDP). He served as a corporate director in the banking sector from 2008 to 2018.

In the public sector, he served as a national representative and vice president of UTE. He was also active as a journalist and sports executive for over 20 years.