The same constitutional text established in its temporary and special provisions the opening date for the institution as Ma(Annex H), the method for integration (Annex F), and the Bank’s mission and responsibilities. The result of the vote was the approval of a new Constitution of 1966, which established the Central Bank, as an autonomous entity with technical, administrative and financial autonomy (Article 196), and entrusted the legal system to approve the corresponding Charter. 13.330 on April 20, 1965), and having mediated the 1963 banking crack, was enough evidence in favor of creating a specialized institution to work in this area.ĬENTRAL BANK OF URUGUAY – RELATED LEGISLATIONĪfter many projects that were developed starting in 1935, a plebiscite was held in Uruguay to vote on a constitutional reform. 13.319 on December 28, 1964), guarantees for savings and deposits (No. 13.320 on December 28, 1964), modification of gold backing national currency (No. The passing of various laws, including laws referring to import and export control (No 10.000 on January 10, 1941), exchange rates and monetary reform (No 12.670 on December 17, 1959), the Broun’s credit to the Government (No. This created and encouraged initiatives to create a central bank based on the already existing Issuance Department, that would have all the functions common to central banks. While different sectors of public opinion discussed the possibility of creating a central bank, and even though the Issuance Department remained within the framework of the BROU, starting in 1939, legislation was passed independently on central banking issues. MOVING TOWARDS THE CREATION OF THE CENTRAL BANK OF URUGUAY (1939-1966) Additional functions were assigned to the issuance Department in new provisions, granting it the responsibility of making coins, following instructions by the Legislative Branch. 9.808 on January 2, 1939, a new charter was approved for the institution, categorizing it as an autonomous entity and establishing two separate departments, the Bank and the previously established Issuance Department. the analysis of all issues related to monetary policy, formulating objectives and management, oversight and audit of the provisions referring to the regulatory regime of private, national and foreign banks). For the first time, there were signs of what would become the basis for the Central Bank of Uruguay, since it separated the Issuance Department from other banking services and granted it the authority to issue money and to perform other functions inherent to central banks (e.g. 9.496 passed on Augbrought about an important modification to the BROU´s legal framework. This bank, constituted formally on August 24, 1896, included in its activities functions common to central banks.Īct No. The charter of the Bank of the Oriental Republic of Uruguay (Banco de la República Oriental del Uruguay or BROU in Spanish) was approved in Act No.2.480 on Augestablishing it as a legal entity that was highly decentralized.