Currency Exchange Rates for Uruguayan peso? Convert GBP to UYU at todays exchange rate. See historical and money transfer restrictions for Uruguay.
Nicknames for UYU?
Name of Central Bank?
The Banco Central del Uruguay (Central Bank of Uruguay) controls the UYU. It was established in 1967 and is tasked with the issuing of the currency and managing and supervising the countrys banking system among other tasks.
The Uruguayan Peso undergoes constant devaluation which the citizens commonly refer to as atraso cambiario meaning an exchange rate running late. Its instability increased in spring 2002 with the inflation rate currently at 9.90%. Due to this inflation prices for real estate, cars and other expensive expenses are paid in U.S dollars.
Spelling and Capitalization
The currency is spelled as Uruguayian Peso with the two words each starting with a capital letter.
Use of the currency outside Uruguay
Uruguayan Pesos will only be accepted within the country but cannot be used in any other parts of the world.
Exchanging currency in the Uruguay
Exchanging currency in the country is very easy. You can do so at the airport, banks and even convenience stores. There are even ATMs that exchange $U for US$.
Converting from GBP pounds to Uruguayan Peso
You can convert GBP pounds into $U at banks and other currency exchange businesses.
What does GBP to UYU mean?
Currently, for every one GBP you will get 37.1748 UYU.
What is the sign for the Uruguayan Peso?
When writing its symbol, the dollar sign precedes a capital letter U followed by the amount. The U differentiates it from other currencies that use the dollar sign. The sign for the Uruguayan peso is $U.
Is UYU stable or undervalued?
The Uruguayan Peso has been undervalued for a long time. In 1982, the currency was actually undervalued and in 2002 the currency was allowed to float and as a result lost about 50% its value. In 2008 more than half the lost value was regained.
What are the main currencies in use?
The main currencies in use at Uruguay are the US dollar and the Uruguayan Peso. Due to inflation, high valued things and services are paid for in US dollars.
Currency Information on Uruguayan Peso - UYU – Uruguayan peso - $U
The currency was introduced in 1896, but the currency was updated in 1973 to use of the nuevo peso, then again in 1993, where the Uruguayan peso took over as the country’s official currency.
Coins available include denominations of 1, 2, 5 and 10 pesos. Banknotes are available in denominations of 20, 50, 100, 200, 500, 1000 and 2000 pesos.
Like many currencies sharing a symbol, the Uruguayan peso is symbolised as $U, with the U differentiating it from other currencies using the dollar sign.
We are an international business and work with companies around the world, especially California in the US and Australia. Our providers are based in different countries so we need to be constantly up to date about the current foreign exchange rates. Otherwise, we would be wasting money during the currency transfer process and obviously this is not what a business wants.
Comment written by Victoria Brown Wine Industry.
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