Compilation of Operating Rules - Modification of Articles 170, 171, 172, 172.1, 172.1.1 and 172.1.2 of Book XIV, Reserve Requirements Regime

Montevideo, June 12, 2026
Ref: Compilation of Operating Rules -
Modification of Articles 170, 171, 172, 172.1,
172.1.1 and 172.1.2 of Book XIV, Reserve Requirements.

It is brought to your knowledge that this Central Bank adopted, on June 10, 2026, Resolution D/177/2026, which is transcribed below:

Cr. Fabio Malacrida
Manager, Asset and Liability Management Area
(Ref. No. 2020-50-1-2300)
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy

1
CIRCULAR NO. 2502

BOARD OF DIRECTORS - RESOLUTION
Montevideo, June 10, 2026.

BOARD OF DIRECTORS

HAVING VIEWED: the reserve requirements regime provided for in Book XIV – Reserve Requirements Regime of the Compilation of Operating Rules of the Central Bank of Uruguay.

CONSIDERING: I) that the regime referred to in the Having Viewed constitutes an instrument for the execution of monetary policy in accordance with the purposes set forth in Article 3 of Law No. 16.696 of March 30, 1995, and its amendments (Organic Charter of the Central Bank of Uruguay);

II) that the institution has set the objective of generating incentives for dedollarization and reconstruction of markets in national currency, as an instrument conducive to providing greater efficiency to the implementation of the defined monetary policy and the achievement of the stated purposes;

III) that it is considered convenient to adjust the reserve requirement ratios in national currency that must be maintained at this Central Bank, to facilitate continuity in the development of Uruguayan peso markets and contribute to a banking system better adapted to the country's needs.

ATTENTIVE: to the foregoing, to the provisions of Articles 3, 12 letter E) and 27 letter B) of Law No. 16.696 of March 30, 1995, and its amendments (Organic Charter of the Central Bank of Uruguay), to the information provided by the Asset and Liability Management Department on June 9, 2026, and other records appearing in file No. 2020-50-1-2300,

IT IS RESOLVED:

1. To modify, effective September 1, 2026, Articles 170, 171, 172, 172.1, 172.1.1, and 172.1.2 of Book XIV, Reserve Requirements Regime, of the Compilation of Operating Rules, according to the following wording:

Article 170 (MANDATORY MINIMUM RESERVE ON NATIONAL CURRENCY OBLIGATIONS – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives shall maintain a reserve not less than the sum of 12% of national currency obligations on demand, with notice, and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

Article 171 (MANDATORY MINIMUM RESERVE ON NATIONAL CURRENCY OBLIGATIONS – FINANCIAL HOUSES). Financial houses shall maintain a reserve not less than the sum of 12% of national currency obligations with notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

Article 172 (MANDATORY MINIMUM RESERVE ON NATIONAL CURRENCY OBLIGATIONS – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives shall maintain a reserve not less than the sum of 12% of national currency obligations on demand, with notice, and with a contractual term of less than 30 days.

Transitional Provision: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

Article 172.1 (MANDATORY MINIMUM RESERVE ON INDEXED UNIT OBLIGATIONS – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives shall maintain a reserve not less than the sum of 12% of obligations in indexed units on demand, with notice, and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

Article 172.1.1 (MANDATORY MINIMUM RESERVE ON INDEXED UNIT OBLIGATIONS – FINANCIAL HOUSES). Financial houses shall maintain a reserve not less than the sum of 12% of obligations in indexed units with notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

Article 172.1.2 (MANDATORY MINIMUM RESERVE ON INDEXED UNIT OBLIGATIONS – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives shall maintain a reserve not less than the sum of 12% of obligations in indexed units on demand, with notice, and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve ratio shall be adjusted in a staggered manner, as follows: 14% effective July 1, and 13% effective August 1.

2. To entrust the communication of the provisions herein to the Asset and Liability Management Department via circular.

(Today's Session – Minutes No. 3834)
(File No. 2020-50-1-2300)

Viviana Pérez
General Secretary

Ds
Publishable Resolution

Signatory: Viviana Perez Benech Date: 10/06/2026 17:30:03