Internal peace was achieved in , and there was a heavy supply of foreign capital. The Reus Law of made it simply to establish new banks, the most significant of which was Banco Nacional. Gold has abandoned the country, and Banco Nacional run across difficulties. The effects of the Baring financial crisis in were hard for Uruguay and Argentina. Panic proceeded and businesses failed — there was a run on all the banks.
In , the business community and the solid banks honored their obligations in gold and declined depreciated paper. The chaos calm down on 7 July, but the affairs of Banco Nacional were a hopeless mess, and the government could not meet the interest payments on its debts. The financial crisis of — ruined many of the commercial banks.
In Uruguay adopted the gold standard based on a peso oro. A patent of emission was granted to El Banco de la Republica Oriental del Uruguay and the country enjoyed a solid currency and monetary stability until WWI. The gold standard was finished in August , and foreign gold coin was accepted at fixed rates of 4. The peso was at a premium versus the US dollar from until At one point in it took only The peso then devalued sharply, and at its low in it took Exchange controls were adopted 7 September The peso devaluated and a black market became very active.
After January the currency was bounded to the French franc at The old theoretical peso oro of 1. A complicated system of multiple exchange rates was adopted in and adjusted frequently.
The year-end rate in pesos per US dollar on the free market was: — 3. Parity was registered with the International Monetary Fund on 7 October at 7. A currency reform was scheduled, but postponed as the peso began another rapid decline.
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Thank you very much for your understanding. The Uruguayan peso is the legal tender in Uruguay and the institution in charge of issuing is the Central Bank of Paraguay.
Origins and history Since there were several attempts of creating a monetary national system, but the economic difficulties of that time and the social situations made virtually impossible to implement a monetary-economic policy that would put an end to the daily problems of the markets. Current Uruguayan peso coins and banknotes Today, the Uruguayan peso is minted in coins of 1, 2, 5 and 10 pesos and in banknotes of 20, 50, , , , 1, and 2, pesos. Interesting facts of the Uruguayan peso It was the first one in bearing national symbols.
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