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The Central Bank of Uruguay

Central Bank of Uruguay

The Central Bank of Uruguay is the very hub of the Uruguayan financial network.

For this South American Nation the activities of banks and bankers are something that is taken very seriously. To succeed internationally everyone realizes that the actions of the country's bank must be sound in policy and principle.

Instead of disparate organizations battling each other for dominance, the structure of this financial empire is centralized and it is run efficiently to serve the needs of the nation and all the people of Uruguay.

This banking institution functions as an Autonomous organization and operates in a manner that upholds the best interest of the country of Uruguay at all times.

There is little wonder why the people of Uruguay as well as other foreign governments hold this banking system in such high regard. It has become widely recognized as a model of financial integrity that is scoring top ratings for its common sense handling of all monetary matters both at home and abroad.

Although its charter letter dates back to March 30, 1995 the Uruguay Central Bank was first established in 1967. It has been during the last decade when the greatest economic and financial strides have been made under the provenance of the institution's governing directors.

Today this banking giant has earned the respect and trust of the people both at home and abroad.

 

Before the creation of the Central Bank came about there was another entity that was assigned to handle most of the country's financial dealings. The Department of Emission of the Bank of the Oriental Republic of the Uruguay was then the responsible party that was charged with the duties of overseeing the production of Uruguay pesos and paper money; dealing with governmental money matters, and supervising a vast amount of private and public banking issues.

The country has shown their trust and support for their centralized banking institutions and this public trust has been rewarded with a bank that adheres to ethical codes and conducts. In addition this autonomous entity has now become a true force in the international world of finance.

Today there are many struggling banks that look to the officials at the Central Bank of Uruguay for direction and guidance in developing new policies and procedures. According to the original Organic letter the Central Bank of Uruguay is to serve the people of Uruguay and the country by performing the following specific functions:

  • Handle the production of all Uruguay coins and paper currency.
  • Have the exclusive right to release money for public use and the same exclusive right to remove monies from circulation as deemed fit and appropriate.
  • Make sure that the same forms of paper currency and coins are being issued and used throughout all the land belonging to the territory of the Republic.
  • Ably applies the laws governing credit and foreign exchange. These matters are handled with scrupulous attention to detail and the exacting execution of all proper legal and monetary documents.
  • Acts as the Government's economic advisor, financial representative and national banker. The Central Bank of Uruguay is considered to be a leading model when it comes to showing other countries and banking institutions the best ways to encourage growth and financial solvency.
  • Administers the international monetary reserves belonging to the State wisely and responsibly according to sound fiduciary principles.
  • Holds the role of mediator for other financial institutions.
  • The Central Bank of Uruguay is also given the ability to act as the representative of the Government of the Republic. This means that this banking institution has the authority to represent the Uruguay government when meeting with other international financial agencies or executing financial transactions on behalf of the nation.
  • Acts as the overseer of private and public companies that are connected with the country's financial system. It is the duty of the Central Bank of Uruguay to make certain that all aspects of banking and other financially related matters are handled properly and responsibly.

Also included in the many responsibilities of this financial institution are the supervision of pension and retirement funds and the prevention of fraud and money laundering.

The directors and other members of this banking institution are charged with a number of duties to carry out on behalf of Uruguay citizens, and at all times they must bear in mind that they are representing the Government, the people and the Nation of Uruguay.

The Central Bank of Uruguay has an Important Role In the Uruguay Economy


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