Currency of Uruguay moneda national" (peso national currency). The economy picked up after 1876 and the 1880s were a period of prosperity and expansion. Internal peace was achieved in 1884, and there was a heavy influx of foreign capital. The Reus Law of 1887 made it easy to establish new banks (the most important of which was Banco Nacional). While Uruguay's neighbors, Argentina and Brazil, were obliged to use inconvertible paper currency, Uruguay continued to use gold. By 1889 the flow of foreign capital was drying up, and the prices paid for Uruguay's exports were falling. Gold was leaving the country, and Banco
Currency Currency A currency (from , "in circulation", from ), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a "system of money" (monetary units) in common use, especially in a nation. Under this definition, US dollars, British pounds, Australian dollars, European euros and Russian ruble are examples of currency. These various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the