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Internal peace was achieved in 1884, and there was a heavy influx of foreign capital. The Reus Law of 1887 made it easy to establish new banks (the most important of which was Banco Nacional). While Uruguay's neighbors, Argentina and Brazil, were obliged to use inconvertible paper currency, Uruguay continued to use gold.
Uruguayan peso (Spanish: peso uruguayo) has been a name of the Uruguayan currency since Uruguay's settlement by Europeans. The present currency, the peso uruguayo ( ISO 4217 code: UYU ) was adopted in 1993 and is subdivided into 100 centésimos , although centésimos are not currently in use.
This period in Uruguayan numismatics was immersed in a historical context full of economic problems, a non-existent currency, an economy practically in chaos and a civil war that lasted for years (the Great War).
Uruguay is a representative democratic republic with a presidential system. [77] The members of government are elected for a five-year term by a universal suffrage system. [77] Uruguay is a unitary state: justice, education, health, security, foreign policy and defense are all administered nationwide. [77]
Historical GDP per capita development. The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and ...
The history of Uruguay comprises different periods: the pre-Columbian time or early history (up to the 16th century), the Colonial Period (1516–1811), the Period of Nation-Building (1811–1830), and the history of Uruguay as an independent country (1830–present).
The Central Bank of Uruguay was established on July 6, 1967 as an autonomous state entity (Spanish: Ente Autónomo), with the passing of the 196th article of the Constitution of 1967. [2] Prior to the creation of the BCU, the issuing of currency and managing and supervising of the banking system was handled by the department of the Banco de la ...
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