Glossary: Uruguayan new peso
DEFINITION:
The Uruguayan unit of currency, consisting of 100 centésimos. Often referred to in short form as the peso. The Uruguayan new peso was introduced in 1975 to replace the old peso at the rate of 1,000 old pesos for each new peso. Since 1975 the exchange rate, linked to the United States dollar, has been frequently adjusted, with the value of the new peso declining. The average exchange rate per US$1 was N$Ur101 in 1985; N$Ur152 in 1986; N$Ur227 in 1987; N$Ur359 in 1988; N$Ur606 in 1989; and N$Ur1,171 in 1990. So extreme has the devaluation of the peso been that in 1991 Uruguayan authorities began to consider introducing another new peso, equal in value to 1,000 units of the existing new peso.