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Uruguay's government to create new accounting unit

Uruguay's government is looking to launch a new accounting unit similar to the country's inflation-indexed unit UI and to its readjustable unit UR, El Pais reported.

The new unit, which is still unnamed, will be linked to an index of nominal wages and will be initially used for public debt issuance amid a process of changes aimed at fixing distortions in pensions linked to annuities, the report said.