Currency of Uruguay Currency of Uruguay This is an outline of Uruguay's monetary history. For the present currency of Uruguay, see Uruguayan peso. Uruguay's currency was initially that common to all of Spanish America. During the struggle over this region, initially between Spain and Portugal, then between Argentina and Brazil, the coinage of both contestants circulated. When the area was annexed to Brazil in 1821 as Provincia Cisplatina, the Portuguese (Brazilian) administration put notes of Banco do Brazil into circulation. This was the first paper money to circulate in Uruguay. Then, in 1826–1828, Argentine troops fighting against Brazil were paid in one-peso notes
Reserve currency Reserve currency A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. The reserve currency is commonly used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency. People who live in a country that issues a reserve currency can purchase imports and borrow across borders more cheaply than people in other nations because they do not need to exchange their currency to do so. By the end of the 20th century,