What is the main currency of Uruguay?

The Uruguay peso was established in 1993 as an official national currency and is used only in Uruguay. 1 peso is devided into 100 Centesimos.
UYU
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$U

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1.00 Uruguay pesos = 0.025 US dollars

According to the International Monetary Fund, the total broad money (M3) amounted to UYU 1,330.48 billion at the end of 2020. For currency hedging, reserves were held in a total amount of 682.73 billion pesos. This corresponds to a ratio of 1:1.9. Or in other words, 10 of 19 pesos are deposited with a countervalue, which is internationally already above average. Approximately 239.88 million pesos (zero%) of the currency reserves exist in gold reserves. The remainder consists of foreign currencies, special drawing rights in the International Monetary Fund and other reserve positions.

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The official currency of Uruguay is the Uruguayan peso, also known by its currency code, “UYU,” or by the symbol “$” or “$U.” The Uruguayan peso is issued by the Central Bank of Uruguay.

Uruguayan pesos come in the form of coins and banknotes.

Coins:

• 1, 2, 5, 10, and 50 pesos

Banknotes:

• 500; 1,000; and 2,000 pesos

5 Facts About the Uruguayan Peso

Many different countries, particularly in Central and South America, call their currencies “pesos,” but they aren’t all the same, and they are not all valued the same, either. Here are some interesting facts you probably did not know about the Uruguayan peso.

1. It’s the fourth peso for Uruguay.

The UYU is the fourth peso currency the country has seen. In the 1830s, Uruguay used a currency called “peso fuerte,” which means “strong peso.” In the early 1900s, Uruguay introduced a new peso that was based on the gold standard. This led to a stable period for the currency until World War I.

After World War II ended, with inflation rising dramatically, the country decided to issue a new currency. The new currency was called the “nuevo peso,” which translates to “new peso.”

In 1993, responding again to runaway inflation, the government introduced the current “peso uruguayo,” or “Uruguayan peso.”

2. Some coins depict animals.

The newest coins minted in Uruguay feature native animals, such as the “mulita” (a type of armadillo), the capybara, the rhea, and the puma.  On the reverse of each coin is the national shield.

3. The Uruguayan peso is manufactured outside of Uruguay.

While some countries print their own banknotes and mint their own coins locally, since 1855, Uruguay has printed its money outside of the country. Other mints and printers in Britain and even the United States create the majority of the Uruguayan Peso currency.

4. The coins’ portrait of an Uruguayan hero may be inaccurate.

In 1811, Jose Gervasio Artigas led the Uruguayan Revolution against Spain. He is considered one of the country’s greatest heroes. He has been featured on many peso coins in Uruguay — but no one is sure he really looked the way he is depicted.

There was only one painting ever made of Artigas, and he was 82 years old at the time. The image on the coins is of a much younger version of him. How he looked at the younger age was an educated guess.

5. The $U50 is rarely used.

Very few $U50 coins were ever produced. They were minted in 2011 to commemorate the 200th anniversary of the Uruguayan Revolution, led by Artigas.

The Uruguayan Peso Exchange Rate

To see the current exchange rate between Uruguayan pesos and U.S. dollars, check out today’s rate with Remitly.

About Uruguay

Uruguay is located on the Atlantic coast of South America, south of Brazil. The name “Uruguay” is derived from the Indigenous Guarani language. The country is home to about 3.5 million people, most of whom (about two million people) live in and around the capital and largest city, Montevideo.

Uruguay has been praised for having an egalitarian society, with a high per-capita income and very little extreme poverty.

Agriculture is a major part of Uruguay’s economy, employing about 13% of the country’s workforce. Tourism is also important. While visitors come from around the world, a large proportion travel to Uruguay from neighboring Argentina to enjoy the beaches and culture. Other features of Uruguay’s economy include the Port of Montevideo, an advanced telecommunications industry, and renewable energy (which produces over 97% of the country’s electricity).

Sending Money to Uruguay

You can send money to Uruguay with Remitly. New customers may be eligible for a special offer on their first transfer. If you are looking to send funds to friends or family in Uruguay, it’s never been easier.

Remitly makes international money transfers faster, easier, more transparent, and more affordable. Since 2011, over 5 million people have used our secure mobile app to send money home with peace of mind. Visit the homepage, download our app, or check out our Help Center to get started.

Further Reading

The Uruguayan Peso (UYU) is the national currency of Uruguay. It was first introduced in 1993, replacing Uruguay’s previous currency, the nuevo peso. It is denoted using the symbol “$”.

The UYU’s banknotes are available in denominations of $20, $50, $100, $200, $500, $1000, and $2000. Its coins are available in denominations of $1, $2, $5, and $10.

• The Uruguayan Peso (UYU) is the national currency of Uruguay.
• It was introduced in 1993 in the midst of an inflationary crisis.
• Although Uruguay’s economy has struggled in recent decades, its inflation has subsided in recent years and the country has achieved high levels of economic development.

The Uruguayan Peso (UYU) began circulation in 1993, prompted in part by the country’s persistent struggles to combat inflation. Following World War II, Uruguay was forced to devalue their currency twice. In 1975, they adopted the “nuevo peso”, exchanging 1000 units of their previous currency for every 1 unit of the nuevo peso. In 1993, the country had to repeat this process a second time, once again replacing their currency on a 1000-to-1 basis. Through this second devaluation, Uruguay abandoned the nuevo peso and adopted the UYU, which it continues to use today.

These longstanding issues with inflation have posed a challenge to Uruguay’s efforts to develop economically. Between 1984 and 1998, for instance, the country experienced double-digit inflation in every single year, exceeding 50% in many years and reaching a peach of over 112% in 1990. Thankfully, inflation has declined significantly in recent years, ranging between 4.5% and 9% per year between 2005 and 2020.

Part of Uruguay’s economic problems can be attributed to the severe depression experienced by its neighbor, Argentina between 1999 and 2002. Because Uruguay and Argentina are close trading partners, this depression had a significant effect on the economy of Uruguay, with unemployment reaching over 20% during the period. Inflation likewise spiked to nearly 20% during this time, but receded shortly thereafter.

In recent years, the value of the UYU has varied substantially when compared to the U.S. dollar (USD). In 2003, for instance, the UYU was valued at around $0.035 USD, but rose to roughly $0.05 USD in 2008, 2010, 2011, and 2012. Since 2012, the UYU has declined relative to the USD, reaching a low of $0.022 in March 2020.

Like all national currencies, the strength of the UYU is heavily influenced by its underlying economy. In the case of Uruguay, tourism and commodity products such as wood pulp, beef, and soya beans make up a substantial portion of total exports. By far the largest customer of Uruguay’s exports is China, comprising over 19% of all purchases. Uruguay’s neighbor, Brazil, is the country’s second largest customer, with roughly 16.1%. With a per-capita gross domestic product (GDP) of approximately $22,400 USD, Uruguay is considered a high-income country. The nation also ranks highly in measures such as life expectancy, literacy, and other quality of life indices.