Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 1/9/2020

The banking system is generally sound and has good capital, solvency, and liquidity ratios.  Profitability, in a context of low international interest rates and low demand for credit, is a problem.  Uruguay’s financial sector currently consists of one government-owned commercial bank (Banco de la Republica) and one government-owned mortgage bank (Banco Hipotecario del Uruguay).  Government-owned banks have traditionally held a major share of the banking market.  The market has foreign banks, cooperatives, offshore banks, external financial institutions, credit administrators, foreign exchange houses and financial service companies.  For list of institutions and more details please check in http://www.bcu.gub.uy/Servicios-Financieros-SSF/Paginas/Default.aspx.

The largest bank is the government-owned Banco de la Republica, which accounts for over 50 percent of total credits and deposits.  Long-term banking credit has traditionally been difficult to obtain.  Foreign investors can access credit on the same market terms as nationals.

The financial sector in Uruguay is open to foreign participation and is sustained by a transparent supervisory and regulatory system.  A severe banking crisis in 2002 put the entire system under risk, but proper management allowed the system to get back on track, the crisis was overcome thanks to timely U.S. and IMF support.  After the crisis Uruguay reformed its central bank’s charter and enhanced its regulatory and supervisory roles.  At present the local banking sector is sound, as it was mostly unaffected by the 2008-2009 global financial crisis.

Offshore banks are subject to the same laws, regulations, and controls as local banks, with the government requiring them to be licensed through a formal process that includes a background investigation.  Offshore financial institutions are prohibited from working with residents.  U.S. financial firms such as Raymond James operate in Uruguay, mainly within free trade zones.
For more information, please check the central bank’s website at http://www.bcu.gub.uy.  (Some information is also available in English).
 

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