Currency in Uruguay
The Uruguayan peso is the currency of Uruguay. Its ISO code is “UYU”. The currency symbol is $ U or just $. The currencies in the other former Spanish colonies are also called pesos. The $ symbol originally stood for the Spanish-Mexican dollar. One peso is divided into 100 centesimos.
History of the Uruguayan peso
The Uruguayan peso was introduced in 1896 based on the gold standard in Uruguay and has only been used there since then. Over time, the Uruguayan peso went through several turmoil. The gold standard ended after the First World War. Since the end of the Second World War, the peso has been characterized by instability, often also caused by the economic dependence of the relatively small Uruguay on its neighboring countries Argentina and Brazil.
High inflation, beginning in the mid-1960’s and ending in the early 1970’s, led to a currency reform in 1973. The exchange ratio was 1: 1000 new peso to old peso. During the military dictatorship in the 1980’s, there was again a strong devaluation. The peso was in a so-called “crawling peg” against the US dollar, a controlled continuous devaluation. On March 1, 1993, the Uruguayan peso was revalued again. The resulting peso, as we know it today, had a value of 1: 1000 again compared to the “new Uruguayan peso” of the currency reform of 1973 and received today’s ISO code “UYU” (previously “UYN”).
Another massive devaluation occurred when Argentina’s economic crisis spread to Uruguay in 2002. Uruguay’s banks ran into liquidity problems, some of them were even wound up and debt restructuring took place. After that, a slow recovery set in, on the one hand because the peso has been based on the US dollar since 2004, and on the other hand, the country’s inflation rate was kept stable thanks to the clever monetary policy of the Uruguayan central bank. The price of real estate, cars, and manager salaries is still fixed to the US dollar today.
The rate of the Uruguayan peso against the euro can be determined using a currency converter. Both the current exchange rate and the value of a certain euro amount can be converted into Uruguayan peso here.
Exchange into the Uruguayan peso
In Germany you cannot buy or exchange Uruguayan pesos at a bank. The euro and the US dollar are recognized as means of payment in Uruguay and can easily be changed into the local currency at the local exchange offices. Up to US $ 10,000 in cash may be introduced. Hotel and rental car bills can also be paid in US dollars or euros. The smaller purchases are better done with the local currency, as this usually yields a better price. The euro and the US dollar can easily be exchanged for the Uruguayan peso in most places.
