Regulatory Alerts2026-08-26 | Circular 2510Added · Updated
Remuneration of Reserve Requirements in National and Foreign Currency
The Central Bank of Uruguay establishes new remuneration rules for reserve requirements in national and foreign currency, effective September 1, 2026. National currency reserves are remunerated at the Monetary Policy Rate (TPM), while excess balances receive TPM minus 2%. Foreign currency reserves are remunerated at the issuing authority's TPM minus 1.5% for short-term USD/Euro obligations and minus 0.5% for other obligations, with excess balances receiving TPM minus 1.5%. These changes revoke Resolution D/383/2025 and aim to reduce the cost of intermediation in national currency relative to foreign currency.
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