What is the currency of uruguay

The Uruguayan Peso is the currency of Uruguay. Our currency rankings show that the most popular Uruguayan Peso exchange rate is the UYU to USD rate. The currency code for Pesos is UYU, and the currency symbol is $U. Below, you'll find Uruguayan Peso rates and a currency converter.

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Argentina and Uruguay – they both use pesos, right?
So why do the ATMs dispense dollars?
Guru Money Tip

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
858
$U

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1.00 Uruguay Peso = 0.025 US Dollar

↔ Reverse currencies

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 (0.0%) 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.

› Worldwide currency and gold reserves

Sources

All conversion rates are based on data from the European Central Bank.
Data on currency and gold reserves are from the International Monetary Fund.

I get asked this question a lot and my answer is: sometimes. Out and about in the street, use Uruguayan pesos (Uruguay currency). If you try to offer a smaller business or a taxi driver another currency they won’t know what the exchange rate is and, not wanting to rip you off, may not be comfortable accepting them.

Colonia del Sacramento is the exception as it depends a great deal on day-trip tourism from Buenos Aires. Virtually all businesses there accept Argentine pesos, Brazilian reals and dollars as a matter of course at a reasonable exchange rate.

During the summer time, even small beach town businesses are usually fine to accept dollars and other currencies . Check the rate before but outside of the larger resorts they are very honest and offer you the regular rate.

All over Uruguay larger supermarkets will usually accept payment in dollars, as long as you are fine with receiving your change in pesos. Their rates are normally the market ones.

Highway tolls must be paid in cash but can be paid in dollars, Argentine and Brazilian currencies as well as Uruguay pesos of course.

Argentina and Uruguay – they both use pesos, right?

They do, but they have very different values. Don’t fall into the common mistake, thinking that what applies for Argentina is the same for Uruguay. It doesn’t.

It’s really easy to exchange money in Uruguay. When you read more about the money exchange situation in Uruguay you’ll see it is very simple and straightforward. Just another confirmation that Argentina’s (often crazy monetary) situation and Uruguay’s are completely unrelated. Ha!

And the rates are generally good. In fact Uruguay is a great place to exchange Brazilian reals and Argentine pesos into dollars if you have any left over and don’t need more pesos. Or to exchange dollars into Argentina pesos so you have cash on hand for when you arrive in Buenos Aires.

So why do the ATMs dispense dollars?

It may seem strange but cash machines in Uruguay dispense both Uruguay currency in pesos and US dollars.

Uruguayans, like the citizens of many other Latin American nations, typically save in dollars. So we usually have separate bank accounts in pesos and dollars. So don’t be surprised to see property prices, rental values and the price of electrical and luxury goods labelled in dollars. And you’ll be able to pay hotel bills in dollars.

Guru Money Tip

When not to use cash. When you use your international credit or debit card in restaurants and for care hire in Uruguay, you get the 22% VAT back directly when you pay with your credit card.

It’s a crazy benefit that the Uruguayan government has decided to give to travellers.

For other money-saving tips like this, check out the Guru’Guay Guide to Montevideo. (Click the link to download the digital version or click the image right to buy it on Amazon)

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The Uruguayan Peso is the official currency of Uruguay. The name has been in use since the European settlement. The present currency was adopted in 1993 and is subdivided into 100 centésimos.

Economy

The economy of Uruguay is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending.
In 1603, cattle were introduced in Uruguay before its independence by Hernando Arias de Saveedra, the Spanish Governor of Buenos Aires. In 2006, beef accounted for about 37% of Uruguayan exports.
Wool is a traditional product exported mainly to America, followed by the UK and India.
Conaprole, the National Cooperative of Milk Producers, was the main exporter of dairy products in Latin America in 2006.
Fine varieties of rice are produced in the eastern lowlands, close to Merin lake on the Uruguay-Brazil border.

History

In 1828, Uruguay's currency was based on the silver Peso of eight reales, commonly known as the Patacon, and the gold onza de oro, valued at 16 pesos silver. A large quantity of debased copper coin also circulated.
In October, 1828, lacking the means to implement a national coinage, Gen. Jose Rondeau’s provisional government permitted foreign silver and gold coin to circulate freely at their intrinsic value, but restricted and later (1829) prohibited the importing of copper coins and the circulation of Buenos Aires banknotes.
A key characteristic of the currency is its instability, which increased in the spring of 2002.
Uruguayans have become accustomed to the constant devaluation and instability of their currency, and have developed a fitting lingo – calling periods of Dollar appreciation atraso cambiario ("the exchange rate is running late").

Symbols and Names

Symbols: $, $U
Nicknames: none

Central Bank

Banco Central del Uruguay

Currency Subunits

Centésimo = 1/100 of a Peso

Denominations

Bills: $20, $50, $100, $200, $500, $1,000, $2,000
Coins: $1, $2, $5, $10

Countries Using This Currency

Currencies Pegged To UYU :

None

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