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

Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy 1 It is brought to knowledge that this Central Bank adopted, on November 26, 2025, Resolution D/382/2025, which is transcribed below:

Cr. Fabio Malacrida
Manager, Asset and Liability Management Area
(Ref. No. 2020-50-1-2300)
CIRCULAR NO. 2490

BOARD OF DIRECTORS - RESOLUTION
Montevideo, November 26, 2025.

BOARD OF DIRECTORS

HAVING VIEWED: the reserve requirements regime provided for in Book XIV – Reserve Requirements Regime of the Compilation of Operations 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 stated in Article 3 of Law No. 16.696 of March 30, 1995, as amended by Article 1 of Law No. 18.401 of October 24, 2008; 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 in the implementation of the defined monetary policy and the achievement of the stated purposes; III) that, taking into account what was expressed in the preceding Consideration, it is understood to be convenient to adjust the reserve requirement rates in national currency that must be maintained at this Central Bank, in order to facilitate the continued development of markets in Uruguayan pesos and contribute to a banking system better adapted to the country's needs.

ATTENTIVE: to the above, to the provisions of Articles 3, 12 letter E) and 27 letter B) of Law No. 16.696 of March 30, 1995, as amended by Articles 1 and 5 of Law No. 18.401 of October 24, 2008, to the information provided by the Asset and Liability Management Department on November 24, 2025, and other records appearing in file No. 2020-50-1-2300,

IT IS RESOLVED:

1. To modify, effective March 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 Operations Rules, according to the following wording:

Article 170 (MANDATORY MINIMUM RESERVE REQUIREMENT ON NATIONAL CURRENCY OBLIGATIONS – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives shall maintain a reserve requirement not less than the sum of 15% of national currency obligations at sight, with notice, and with a contractual term of less than 30 days.

Article 171 (MANDATORY MINIMUM RESERVE REQUIREMENT ON NATIONAL CURRENCY OBLIGATIONS – FINANCIAL HOUSES). Financial houses shall maintain a reserve requirement not less than the sum of 15% of national currency obligations with notice and with a contractual term of less than 30 days.

Article 172 (MANDATORY MINIMUM RESERVE REQUIREMENT ON NATIONAL CURRENCY OBLIGATIONS – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives shall maintain a reserve requirement not less than the sum of 15% of national currency obligations at sight, with notice, and with a contractual term of less than 30 days.

R.No.: D-382-2025
File No.: 2020-50-1-02300
D-382-2025.pdf Folio No. 71
CIRCULAR NO. 2490

BOARD OF DIRECTORS - RESOLUTION

Article 172.1 (MANDATORY MINIMUM RESERVE REQUIREMENT ON INDEXED UNIT OBLIGATIONS – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives shall maintain a reserve requirement not less than the sum of 15% of obligations in indexed units at sight, with notice, and with a contractual term of less than 30 days.

Article 172.1.1 (MANDATORY MINIMUM RESERVE REQUIREMENT ON INDEXED UNIT OBLIGATIONS – FINANCIAL HOUSES). Financial houses shall maintain a reserve requirement not less than the sum of 15% of obligations in indexed units with notice and with a contractual term of less than 30 days.

Article 172.1.2 (MANDATORY MINIMUM RESERVE REQUIREMENT ON INDEXED UNIT OBLIGATIONS – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives shall maintain a reserve requirement not less than the sum of 15% of obligations in indexed units at sight, with notice, and with a contractual term of less than 30 days.

2. To entrust the communication of the provisions herein through a circular, to the Asset and Liability Management Department, in accordance with the provisions of Article 106 of the Administrative Regulations (Resolution D/390/2024 of December 23, 2024).

(Today's Session – Minutes No. 3802)
(File No. 2020-50-1-2300)

Jorge Christy
General Secretary
Aar/am/ds

Publishable Resolution
R.No.: D-382-2025
Signatory: Jorge Eduardo Christy Davies Date: 27/11/2025 11:07:20 File No.: 2020-50-1-02300 D-382-2025.pdf Folio No. 72 CIRCULAR NO. 2490