The Uruguay Peso, abbreviated as UYU and often represented by the symbol “$U”, is the official currency of Uruguay.
History
The Uruguay Peso was introduced in 1896, replacing the Uruguayan real at a rate of 1 peso = 8 reales.
The currency has undergone several changes and reforms since its introduction, including the introduction of the nuevo peso (new peso) in 1975, which was equivalent to 1000 old pesos.
However, the term “nuevo” was dropped in 1993, and the currency has been referred to as the Uruguay Peso ever since.
Central Bank
The Central Bank of Uruguay, or Banco Central del Uruguay, is responsible for issuing and managing the Uruguay Peso.
Established in 1967, the central bank’s main functions include implementing monetary policy, overseeing the country’s financial system, and maintaining the stability of the currency.
Denominations and Subdivisions
The Uruguay Peso is subdivided into 100 centésimos.
Coins are issued in denominations of 1, 2, 5, 10, and 50 pesos.
Banknotes are available in denominations of 20, 50, 100, 200, 500, 1000, and 2000 pesos.
Economy
Uruguay’s economy is primarily based on agriculture, with a significant portion of its exports consisting of agricultural products such as beef, soybeans, and rice.
The country also has a growing services sector, with tourism and financial services playing an increasingly important role in the economy.
The value of the Uruguay Peso can be influenced by economic factors such as inflation, interest rates, and the country’s overall economic performance.
Summary
The Uruguay Peso (UYU) is the official currency of Uruguay, managed by the Central Bank of Uruguay.
