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Argentina's financial woes could possibly impact Uruguay, Moody's analyst says

Turbulence in Argentina's financial markets is unlikely to spread to other parts of Latin America, with the possible exception of Uruguay, El Cronista reported, citing Mauro Leos, Moody's head of sovereign risk for Latin America and the Caribbean.

"It is difficult to see a contagion of Argentina's agitation in Latin America," Leos said in a conference, although he cited the likely impact on Uruguay.

Meanwhile, Mario Bergara, the head of Banco Central del Uruguay, said the upward trend of the U.S. currency in the local scene "does not bother us." "Of the rise of the dollar in Uruguay, 80% is because of global issues and 20% because of Argentina," Bergara added.

Earlier in May, the Argentine central bank hiked its monetary policy rate to a record 40% as it has been trying to combat inflation and halt the peso's rapid depreciation.