Remuneration of Reserve Requirements in National and Foreign Currency

Montevideo, June 12, 2026
Ref: Remuneration of Reserve Requirements in National and Foreign Currency.

It is brought to your attention that this Central Bank adopted, on June 10, 2026, Resolution D/178/2026, which is transcribed below:

Cr. Fabio Malacrida
Manager, Asset and Liability Management Area
(Ref. No. 2015-50-1-0800)
Diagonal Fabini 777 - P.C. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy

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CIRCULAR NO. 2503

DIRECTORATE - RESOLUTION
Montevideo, June 10, 2026.

D I R E C T O R A T E

HAVING VIEWED: the reserve requirement regime provided for in Book XIV - Reserve Regime of the Compilation of Operations Regulations.

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), and its advancement corresponds to the practices of modern and consolidated monetary policy regimes, in line with international standards in inflation targeting schemes;

II) that the institution has set the objective of generating incentives for de-dollarization 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 remuneration of reserve requirements in national and foreign currency, to facilitate the continued development of markets in Uruguayan pesos and contribute to a banking system better adapted to the country's needs.

IN ATTENTION: 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 3, 2026, and other background documents appearing in file No. 2015-50-1-0800,

IT IS RESOLVED:

1) To establish that the remuneration of mandatory minimum reserve requirements in national currency, to be established from September 1, 2026, shall be fixed according to the following rule:

REm/n = TPM.

Where:
REm/n: remuneration of reserve requirements in national currency.
TPM: Monetary Policy Rate defined by the Monetary Policy Committee in effect on the first business day of the corresponding month.

R.No.: D-178-2026
File No.: 2015-50-1-00800
D-178-2026.pdf Folio No. 432

CIRCULAR NO. 2503

DIRECTORATE - RESOLUTION

2) To establish that the remuneration of excess balances of reserve requirements in national currency, of the demand accounts referred to in Articles 1 and 2 of Book I of the Compilation of Regulations of the Payment System, shall be fixed, from September 1, 2026, as follows:

RCCm/n = TPM - 2%.

The resulting RCCm/n shall never be less than zero.

Where:
RCCm/n: remuneration of excess balances of demand accounts in national currency.
TPM: Monetary Policy Rate defined by the Monetary Policy Committee in effect on the first business day of the corresponding month.

3) To establish that the remuneration of reserve requirements in foreign currency, to be established from September 1, 2026, shall be fixed according to the following rule:

a) Mandatory minimum reserve on foreign currency obligations, denominated in US dollars or euros, with residents, on sight, with notice, and with a contractual term of less than 30 days: REm/e = TPM - 1.5%.

b) Mandatory minimum reserve for the remainder of obligations not contemplated in the preceding letter: REm/e = TPM - 0.5%.

In both cases, the resulting REm/e shall never be less than zero.

Where:
REm/e: remuneration of reserve requirements in foreign currency.
TPM: Monetary Policy Rate of the issuing authority of the currency, in effect on the first day of each month being remunerated. In the event of the existence of a monetary policy rate band, the ceiling of the band shall be taken. In the case of the non-existence of a target monetary policy rate, the one-day reference market rate shall be taken.

R.No.: D-178-2026
File No.: 2015-50-1-00800
D-178-2026.pdf Folio No. 433

CIRCULAR NO. 2503

DIRECTORATE - RESOLUTION

The resulting RCCm/e shall never be less than zero.

Where:
RCCm/e: remuneration of excess balances of demand accounts in foreign currency.
TPM: Monetary Policy Rate of the issuing authority of the currency, in effect on the first business day of the month being remunerated. In the event of the existence of a monetary policy rate band, the ceiling of the band shall be taken. In the case of the non-existence of a target monetary policy rate, the one-day reference market rate shall be taken.

4) To establish that the remuneration of excess balances of reserve requirements in foreign currency of the demand accounts referred to in Articles 1 and 2 of Book I of the Compilation of Regulations of the Payment System, shall be fixed, from September 1, 2026, according to the following detail:

RCCm/e = TPM – 1.5%

R.No.: D-178-2026
File No.: 2015-50-1-00800
D-178-2026.pdf Folio No. 434

CIRCULAR NO. 2503

DIRECTORATE - RESOLUTION

5) To repeal the provisions established by Resolution D/383/2025 of November 26, 2025.

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

(Session of today – Minutes No. 3834)
(File No. 2015-50-1-0800)

Viviana Pérez
General Secretary

Aar/ds

Publishable Resolution
R.No.: D-178-2026
Signatory: Viviana Perez Benech Date: 10/06/2026 17:31:33 File No.: 2015-50-1-00800 D-178-2026.pdf Folio No. 434

CIRCULAR NO. 2503