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The peso moneda nacional was replaced on 1 July 1975 by the nuevo peso (new peso; ISO 4217 code UYP) at a rate of 1 new peso for 1000 old pesos. The nuevo peso was also subdivided into 100 centésimos. After further inflation, the peso uruguayo (ISO 4217 code UYU) replaced the nuevo peso on March 1, 1993, again at a rate of 1 new for 1000 old.
The peso uruguayo ($; ISO 4217 code: UYU) was adopted on 1 March 1993 to replace the nuevo peso at 1 peso uruguayo for 1000 nuevos pesos. Withdrawal of old notes of N$500 and under began immediately; notes of 1,000 up to 500,000 nuevos pesos remained legal tender (for 1 to 500 pesos uruguayos) until 28 February 2003.
Most Uruguayans descend from colonial-era settlers and immigrants from Europe with almost 88% of the population being of European descent. [14] The majority of these are Spaniards and Italians, followed by the French, Portuguese, Germans, Romanians, Greeks, British (English or Scots), Irish, Poles, [15] Swiss, Russians, Bulgarians, Arab (mainly Lebanese and Syrians), Sephardi and Ashkenazi ...