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Uruguay, officially the Oriental Republic of Uruguay, is a sovereign state in the southeastern region of South America. It borders Argentina and Brazil, with the Río de la Plata, the River of Silver, to the south and the Atlantic Ocean to the southeast. More than half of Uruguayans live in the metropolitan area of its capital and largest city, Montevideo. Uruguay is geographically the second-smallest nation in South America. Uruguay is a progressive, stable and sophisticated country. Within Latin America, Uruguay is ranked first in democracy, peace, low perception of corruption, e-government,and is first in South America when it comes to press freedom, size of the middle class and prosperity. Uruguay contributes more troops to United Nations peacekeeping missions than any other country per capita.
Uruguayan peso has been a name of the Uruguayan currency since settlement by Europeans 100s of years ago. The present peso was adopted in 1993 and is subdivided into 100 centésimos, although there are no centésimo coins currently in circulation!
Since 1993, Uruguayans became accustomed to the constant devaluation of the peso. As a consequence of this instability, prices for most big-ticket items such as property and cars, are often sold in U.S. dollars.In 2004 a phenomenon completely new to most Uruguayans developed: the currency appreciated against the US dollar, going from 30 to 24 pesos to the dollar. By 2008 the peso reached 19 to the US dollar, recovering more than half of its loss during the crisis. The industrial sector lost some competitiveness, but the government hopes that a floating currency will de-dollarize the economy.
Fun Fact. In Uruguay, there are 4 cows per 1 person. It is a nation of 12 million cattle but just 3 million people.
Lasting more than 5 minutes, Uruguay proudly lays claim to the world’s longest national anthem in performance duration.
The peso is the official currency of Uruguay. The ISO 4127 currency code for the Uruguayan peso is UYU.