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Encyclopedia > Uruguayan peso
Uruguayan peso
peso uruguayo (Spanish)
ISO 4217 Code UYU
User(s) Uruguay
Inflation 4.7%
Source The World Factbook, 2005 est.
Subunit
1/100 centésimo
Symbol $
Coins 50 centésimos, $1, $2, $5, $10
banknotes $5, $10, $20, $50, $100, $200, $500, $1000, $2000
Central bank Banco Central del Uruguay
Website www.bcu.gub.uy

The peso uruguayo (ISO 4217 code: UYU) is the official currency of Uruguay. It is subdivided into 100 centésimos. The centesimo (plural centesimi) was an Italian coin. ... $ The dollar sign is a symbol primarily used to indicate a unit of currency. ... ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ... The centesimo (plural centesimi) was an Italian coin. ...

Contents

History

Peso, 1840-1975

Following independence from Spain and Brazil, Uruguay at first used Argentinian currency. In 1840, the first issues were made of an independent currency. This was the peso, equal to the 8 Argentinian reales and subdivided into 100 centésimos. The Argentine peso (originally established as the nuevo peso argentino or peso convertible) is the currency of Argentina. ...


Nuevo Peso, 1975-1993

Following high inflation, the nuevo peso replaced the peso at a rate of 1000 pesos = 1 nuevo peso in November 1973. The nuevo peso was also subdivided into 100 centésimos. The ISO 4217 code for this currency was UYN.


Peso Uruguayo, 1993-

After further inflation, the peso uruguayo replaced the nuevo peso, again at a rate of 1000 to 1, on March 1, 1993. March 1 is the 60th day of the year in the Gregorian calendar (61st in leap years). ... 1993 (MCMXCIII) was a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ...


Inflation

Uruguayans have become accustomed to the constant devaluation of their currency. Uruguayans refer to periods of real appreciation of the currency as atraso cambiario, which literally means that "the exchange rate is running late". As a consequence of the instability of the local currency, prices for most big-ticket items (real estate, cars and even executives' salaries) are denominated in US dollars.


During the military rule the peso was pegged to the dollar (actually it was a crawling peg). A table of the future value of the dollar was published daily by the government (called the tablita). In 1982 the currency was devalued ("the tablita was broken"), throwing thousands of companies and individuals into bankruptcy. In the 1990s a new mechanism to provide predictibilty was introduced, this time in the form of a sliding range, with a top and bottom margins, at which the government would intervene. In 2002, after a banking crisis and amid a huge budget deficit, the currency was again allowed to float, losing almost 50% of its value in a couple of weeks, and, again, throwing into bankruptcy thousands of companies and individuals who held debts denominated in US dollars.


In 2004 a phenomenon completely new to most Uruguayans developed: the currency appreciated in nominal terms against the US dollar, going from 30 to 24 pesos to the dollar. This revaluation brought protests from the industrial sector, which felt that it lost competitiveness. The government hopes that a floating currency will "de-dollarize" the economy.


Uruguay does not seem to have found a mechanism that provides the exchange rate some level of predictability, while at the same time allowing the country to adapt its prices so that its exports remain competitive.


Coins

Coins in circulation are: A coin is usually a piece of hard material, generally metal, usually in the shape of a disc, and most often issued by a government, to be used as a form of money in transactions. ...

  • 50 centésimos
  • 1 peso
  • 2 pesos
  • 5 pesos
  • 10 pesos

Banknotes

Banknotes in circulation are: A £20 Bank of England banknote. ...

  • 5 pesos (Joaquín Torres García)
  • 10 pesos (Eduardo Acevedo Vásquez)
  • 20 pesos (Juan Zorrilla de San Martín).
  • 50 pesos (José Pedro Varela)
  • 100 pesos (Eduardo Fabini)
  • 200 pesos (Pedro Figari)
  • 500 pesos (Alfredo Vázquez Acevedo)
  • 1,000 pesos (Juana de Ibarbourú)
  • 2,000 pesos (Dámaso Antonio Larrañaga)

There have been plans to withdraw the 5 pesos and 10 pesos banknotes ever since the introduction of the coins of the same value.

Current UYU exchange rates
Use Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
Use XE.com: AUD CAD CHF EUR GBP HKD JPY USD

External links


  Results from FactBites:
 
Peso - Encyclopedia, History, Geography and Biography (114 words)
This is the famous Spanish dollar or "piece of eight" and later became called the peso.
The peso coin weighed 27 grams and was of 92 per cent pure silver.
It was the template for the coins of the United States and one silver dollar equaled exactly one peso.
  More results at FactBites »

 
 

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