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Since 2005, the left-wing coalition “Frente Amplio (FA)” has governed the country, after more than 170 years of rule by the two main political parties (Partido Blanco and Partido Colorado).

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Nevertheless, the share in foreign currency remains significant, especially as the exchange rate is floating.

However, the ruling coalition’s survival is not threatened and policymaking is likely to remain stable, predictable and transparent overall.