A tale of two central banks as Uruguay rises and Argentina slides

Inflation in Uruguay is at the lowest level in nearly two decades and the currency is one of the region's strongest.

That's a sharp contrast to just across the Rio de La Plata estuary in Buenos Aires , where inflation hit 124% in August .

Strong, independent institutions and political stability helping Uruguay 's economy detach from its larger neighbor.

Argentina 's benchmark interest rate meanwhile has soared to 118% , hindering growth and access to credit, tipping the country towards recession.