Uruguay requires FX risk disclosure on deposits

Uruguay’s Central Bank, through Circular No. 2509, added Article 353.5 to its rules on protecting financial services users and ordered authorized institutions that accept deposits and deposit-like instruments in foreign currency to inform resident individual clients and sole proprietorships about the exchange-rate risk tied to those accounts. The measure sets different deadlines for new account openings and existing customers.

What does the new circular require?

The new rule requires exchange-rate risk information to be delivered through documents separate from the contract, with proof of receipt. According to the legal analysis cited by Guyer & Regules, the obligation is part of the broader financial consumer protection framework and applies to foreign-currency depositors.

That same analysis says the Central Bank of Uruguay added a formal disclosure duty that is not absorbed into the standard account opening process. In practice, institutions will have to keep evidence that the customer received the warning.

When does it take effect?

The changes will take effect on October 1, 2026 for new foreign-currency accounts, according to Guyer & Regules. For existing clients with foreign-currency accounts, the deadline to notify them is December 31, 2026.

How does this connect to the de-dollarization strategy?

Mercopress reported that the measure fits within Uruguay’s push to de-dollarize. In that coverage, the outlet said banks will have to warn customers about the exchange-rate risk associated with dollar accounts.

The same article attributed to Central Bank of Uruguay president Guillermo Tolosa a quantitative reference about how the exchange rate could move. According to Mercopress, Tolosa said the dollar could move from 40 to 44 or 45 pesos within a matter of months, but not reach 60.

Buenos Aires Times echoed the same regional coverage and reported that private-sector bank deposits in foreign currency fell to about 69% in June, down from about 73% when Tolosa took office in March 2025. The outlet presented that figure as part of the shift toward lower system-wide dollarization.