Uruguayan Peso(redirected from Peso Uruguayo)
Also found in: Dictionary, Thesaurus, Wikipedia.
The currency of Uruguay. It was introduced in 1993, replacing the Uruguyan nuevo peso after a period of hyperinflation. The peso uruguayo historically has been subject to high inflation. Until 1982, the peso was on a crawling peg to the U.S. dollar. The end of this peg drove many businesses into bankruptcy because most large debt in Uruguay was denominated in dollars. After a banking crisis in 2002, the peso appreciated against the dollar for the first time in the mid-2000s.