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It is hereby made known that this Central Bank adopted, on 21 October 2026, Resolution D/329/2026, which is transcribed below:

Cr. Fabio Malacrida
Financial Policy and Payment System

(Exp. No. 2020-50-1-02300)

CIRCULAR No. 2516

R.N°:D-329-2026
CIRCULAR No. 2516

BOARD OF DIRECTORS - RESOLUTION

Montevideo, 21 October 2026.

B O A R D O F D I R E C T O R S

WHEREAS: the reserve requirement regime provided for in Book XIV – Reserve Requirement Regime of the Compilation of Rules on Operations of the Central Bank of Uruguay.

WHEREAS: I) that the regime referred to in the Whereas 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 30 March 1995 and amendments thereto (Charter of the Central Bank of Uruguay);

II) that the institution has set itself the objective of generating incentives for de-dollarization and the rebuilding 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 aforementioned purposes;

III) that, in accordance with the information provided by the Financial Policy and Payment System Management on pages 127 to 132 of file No. 2020-50-1-2300, it is deemed appropriate to adjust the reserve requirement rates in national currency that must be maintained at this Central Bank.

IN VIEW OF: the foregoing, the provisions of Articles 3, 12 literal E) and 27 literal B) of Law No. 16.696 of 30 March 1995 and amendments thereto (Charter of the Central Bank of Uruguay), the opinion of the Legal Advisory Office No. 2026/0462 of 8 October 2026, the information provided by the Financial Policy and Payment System Management on 19 October 2026 and other background documents appearing in file No. 2020-50-1-2300,

IT IS RESOLVED:

1) To amend, as from 1 January 2027, Articles 170, 171, 172, 172.1, 172.1.1 and 172.1.2 of Book XIV, Reserve Requirement Regime, of the Compilation of Rules on Operations, in accordance with the following wording:

Article 170 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN NATIONAL CURRENCY – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives must maintain a reserve requirement of not less than the sum of 9% of liabilities in national currency payable on demand, with prior notice and with a contractual term of less than 30 days.

R.N°:D-329-2026
CIRCULAR No. 2516

BOARD OF DIRECTORS - RESOLUTION

TRANSITIONAL PROVISION: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

Article 171 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN NATIONAL CURRENCY – FINANCE COMPANIES). Finance companies must maintain a reserve requirement of not less than the sum of 9% of liabilities in national currency with prior notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

Article 172 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN NATIONAL CURRENCY – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives must maintain a reserve requirement of not less than the sum of 9% of liabilities in national currency payable on demand, with prior notice and with a contractual term of less than 30 days.

Transitional provision: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

Article 172.1 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN INDEXED UNITS – BANKS AND FINANCIAL INTERMEDIATION COOPERATIVES). Banks and financial intermediation cooperatives must maintain a reserve requirement of not less than the sum of 9% of liabilities in indexed units payable on demand, with prior notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

Article 172.1.1 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN INDEXED UNITS – FINANCE COMPANIES). Finance companies must maintain a reserve requirement of not less than the sum of 9% of liabilities in indexed units with prior notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

R.N°:D-329-2026
CIRCULAR No. 2516

BOARD OF DIRECTORS - RESOLUTION

Article 172.1.2 (MINIMUM MANDATORY RESERVE REQUIREMENT ON LIABILITIES IN INDEXED UNITS – RETAIL BANKS AND RETAIL FINANCIAL INTERMEDIATION COOPERATIVES). Retail banks and retail financial intermediation cooperatives must maintain a reserve requirement of not less than the sum of 9% of liabilities in indexed units payable on demand, with prior notice and with a contractual term of less than 30 days.

TRANSITIONAL PROVISION: The reserve requirement rate shall be adjusted in a phased manner, as follows: 11% as from 1 November 2026 and 10% as from 1 December 2026.

2) To entrust the communication of the provisions by means of a circular to the Financial Policy and Payment System Management.

(Session of today – Minutes No. 3856)
(File No. 2020-50-1-2300)

Viviana Pérez
General Secretary

Aar/am/ds
Publishable Resolution

Signatory: Viviana Perez Benech Date: 21/10/2026 14:31:09