Remuneration of Reserve Requirements in National and Foreign Currency

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/383/2025, which is transcribed below. Cr. Fabio Malacrida Manager, Asset and Liability Management Area (Ref. No. 2015-50-1-0800) CIRCULAR NO. 2491

DIRECTORATE - RESOLUTION
Montevideo, November 26, 2025.
D I R E C T O R A T E
VIEWING: the reserve requirement regime provided for in Book XIV - Reserve Regime of the Compilation of Operations Norms.
CONSIDERING: I) that the regime referred to in the Viewing 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, 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 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, taking into account what was expressed in the previous Consideration, it is understood to be convenient to adjust the remuneration of reserves both in national currency and in foreign currency, which facilitates continuing to develop the markets in Uruguayan pesos and contributes 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 opinion of the Legal Advisory No. 2025/502 of November 19, 2025, to what was reported by the Asset and Liability Management Department on November 20, 2025, and other records appearing in file No. 2015-50-1-0800, IT IS RESOLVED:
1) Establish that the remuneration of mandatory minimum reserves in national currency, to be constituted starting from March 1, 2026, shall be fixed according to the following rule:
REM/n = TPM.
Where:
REM/n: remuneration of reserves in national currency.
TPM: Monetary Policy Rate defined by the Monetary Policy Committee in effect on the first business day of the corresponding month.
Ref. No.: D-383-2025
File No.: 2015-50-1-00800
D-383-2025.pdf Folio No. 400
CIRCULAR NO. 2491

DIRECTORATE - RESOLUTION
2) Establish that the remuneration of excess balances of reserve requirements in national currency for demand current accounts referred to in Articles 1 and 2 of Book I of the Compilation of Norms of the Payment System, shall be fixed, starting from March 1, 2026, as follows: RCCm/n = TPM – 2%.
The result of RCCm/n shall never be less than zero.
Where:
RCCm/n: remuneration of excess balances of national currency current accounts.
TPM: Monetary Policy Rate defined by the Monetary Policy Committee in effect on the first business day of the corresponding month.
3) Establish that the remuneration of reserves in foreign currency, to be constituted starting from March 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%. b) Mandatory minimum reserve for the rest of the obligations not contemplated in the previous letter: REM/e = TPM – 0.5%. In both cases, the result of REM/e shall never be less than zero. Where:
REM/e: remuneration of reserves in foreign currency.
TPM: Monetary Policy Rate of the issuing monetary authority of the currency, in effect on the first day of each month that is 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) Establish that the remuneration of excess balances of reserve requirements in foreign currency for demand current accounts referred to in Articles 1 and 2 of Book I of the Compilation of Norms of the Payment System, shall be fixed, starting from March 1, 2026, according to the following detail:
RCCm/e = TPM – 1%,
Ref. No.: D-383-2025
File No.: 2015-50-1-00800
D-383-2025.pdf Folio No. 401
CIRCULAR NO. 2491

DIRECTORATE - RESOLUTION
The result of RCCm/e shall never be less than zero.
Where:
RCCm/e: remuneration of excess balances of foreign currency current accounts.
TPM: Monetary Policy Rate of the issuing authority of the currency, in effect on the first business day of the month that is 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.
5) Repeal the provisions of Resolution D/239/2023 of July 19, 2023.
6) Entrust the communication of the provisions herein through circular, to the Asset and Liability Management Department, in accordance with Article 106 of the Administrative Regulations (Resolution D/390/2024 of December 23, 2024).
(Today's Session – Minutes No. 3802)
(File No. 2015-50-1-0800)
Jorge Christy
General Secretary
Aar/am/ds
Publishable Resolution
Ref. No.: D-383-2025
Signatory: Jorge Eduardo Christy Davies Date: 27/11/2025 11:38:22 File No.: 2015-50-1-00800 D-383-2025.pdf Folio No. 402 CIRCULAR NO. 2491