Uruguayan Peso (Indexed Units)

The currency known as the UYI is the official currency of the country of Uruguay. It is also the name of the monetary unit of Uruguay. The UYI has been in circulation since September 1, 2018, and is subdivided into 100 centesimos. The UYI is issued by the Central Bank of Uruguay and is pegged to the United States dollar at a rate of 1 UYI = $1 USD. The UYI replaced the Uruguayan peso at a rate of 1 UYI = $1 USD. The UYI was introduced in order to stabilize Uruguay's economy and inflation. The UYI is pegged to the dollar, which Uruguay imports most of its goods from. The UYI is also intended to make it easier for Uruguayans to travel and do business internationally. The UYI is minted in denominations of 10, 20, 50, 100, 200, and 500 UYIs. The 10, 20, and 50 UYI coins are made of cupronickel, while the 100, 200, and 500 UYI coins are made of brass. The coins all feature the same design on the obverse, which is a rendition of the Sun of May with the words "República Oriental del Uruguay" and the date. The reverse of the coins feature the value of the coin in words and numerals. The UYI banknotes are issued in denominations of 10, 20, 50, 100, 200, and 500 UYIs. The 10, 20, and 50 UYI notes are made of paper, while the 100, 200, and 500 UYI notes are made of polymer. The notes all feature the same design on the obverse, which is a portrait of General José Gervasio Artigas. The reverse of the notes feature images of different aspects of Uruguayan culture, such as gauchos, a cattle ranch, and a lighthouse.