Countries › Uruguay › Guide › 10. Capital markets and finance › Capital markets, banking and credit in Uruguay: who supervises, how to raise money, usury caps, deposit guarantee and tax on interest

Capital markets, banking and credit in Uruguay: who supervises, how to raise money, usury caps, deposit guarantee and tax on interest

Argentina. For full detail on Argentina, go to The Argentine Thread.

Last verified: 2026-10-27 · Status: Changing

One supervisor covers the whole financial system: the Superintendencia de Servicios Financieros (SSF) of the Banco Central del Uruguay licenses and supervises banks, securities issuers, brokers, exchanges and crowdfunding platforms under Ley Nº 16.696, Decreto Ley Nº 15.322 and the Securities Market Law, Ley Nº 18.627. Securities may be offered to the public only after the issuer and the issue are entered in the SSF Securities Register; private placements are allowed if they are clearly labelled, placed directly with identified buyers and never listed or advertised. Only banks and financial cooperatives may take demand deposits and time deposits from residents. Credit is free to price up to the usury caps of Ley Nº 18.212, set each month as a markup over BCU average rates (55 percent for loans below UI 2,000,000, 90 percent above). Uruguayan source interest paid to non residents bears IRNR at 12 percent unless a lower deposit or bond rate or an exemption applies, and bank deposits are guaranteed up to US$10,000 and UI 250,000 per person per bank.

USD figures use UYU 40.214 per US dollar, the BCU quotation for DLS. USA BILLETE on 26 October 2026; amounts in Unidades Indexadas (UI) use UYU 6.6792 per UI, the BCU quotation for 27 October 2026. Both were retrieved from the BCU quotations service on 27 October 2026. Ley Nº 18.212 art. 11 uses the UI value on the date the loan is agreed, so the UYU equivalent of the UI 2,000,000 threshold moves daily. Conversions are for orientation only.

Key facts

Financial system supervisor	Superintendencia de Servicios Financieros of the Banco Central del Uruguay (banks, insurers, pension and investment fund managers, issuers, exchanges, brokers) Ley Nº 16.696 art. 36 and 37, as of 2026-10-27 · in force
Bank licence	Executive Branch authorization with favourable BCU opinion, plus BCU installation permit Decreto Ley Nº 15.322 art. 6, as of 2026-10-27 · in force
Deposit lodged with a banking licence application	20 % of BCU minimum net worth, refundableDecreto Ley Nº 15.322 art. 7, as of 2026-10-27 · in force
Public offering of securities	Issuer and issue must be entered in the SSF Securities Register; labelled private placements exempt Ley Nº 18.627 art. 2 and 3, as of 2026-10-27 · in force
Loan size separating the two usury cap bands	2,000,000 UILey Nº 18.212 art. 11, as of 2026-10-27 · in force
Usury cap markup over BCU average rate, loans below UI 2,000,000	55 %Ley Nº 18.212 art. 11, as of 2026-10-27 · in force
Usury cap markup over BCU average rate, loans of UI 2,000,000 or more	90 %Ley Nº 18.212 art. 11, as of 2026-10-27 · in force
Usury cap, US dollar loan up to 366 days to a large company, UI 2,000,000 or more, from 1 October 2026	9.063 % effective annualBCU Comunicación Nº 2026/188; Ley Nº 18.212 art. 11, as of 2026-10-01 · in force
Usury cap, fixed rate peso loan up to 366 days to a medium company, below UI 2,000,000, from 1 October 2026	19.809 % effective annualBCU Comunicación Nº 2026/188; Ley Nº 18.212 art. 11, as of 2026-10-01 · in force
Deposit guarantee, foreign currency deposits per person per institution	10,000 USDDecreto Nº 103/005 art. 5, as of 2026-10-27 · in force
Deposit guarantee, peso deposits per person per institution	250,000 UIDecreto Nº 103/005 art. 5, as of 2026-10-27 · in force
IRNR on interest paid to non residents, general rate	12 %T.O. 2023 Title 8 art. 18 B), as of 2026-10-27 · in force
IRNR on foreign currency deposit interest, term of one year or less	12 %T.O. 2023 Title 8 art. 18 A), as of 2026-10-27 · in force
IRNR on foreign currency deposit interest, term over three years	7 %T.O. 2023 Title 8 art. 18 A), as of 2026-10-27 · in force
IRNR on income of entities in low or no tax jurisdictions	25 %T.O. 2023 Title 8 art. 18 B), as of 2026-10-27 · in force

The rule

1. The BCU regulates and supervises every entity in the financial system, whatever its legal form, through the Superintendencia de Servicios Financieros, a deconcentrated body with technical and operational autonomy that reports to the BCU Board and is headed by a Superintendent appointed unanimously for eight years. Banks, financial cooperatives and other financial intermediaries, insurers, pension fund managers, investment fund managers, securities issuers, exchanges and brokers all deal with this single supervisor. The BCU is also lender of last resort to financial intermediaries.
Cost to do it: The law sets no filing fee for dealing with the SSF; supervision costs depend on the licence type and are set in BCU regulation, which this page does not quantify.
Example: A foreign group opening a Uruguayan bank, a brokerage and an investment fund manager deals with one regulator, the SSF, for all three licences. / The same applies whether the business is capitalised with UYU 40,214,000 or US$1,000,000 at the BCU rate of 26 October 2026.Ley Nº 16.696 (BCU Charter), Art. 34, art. 36 and art. 37, 1995-03-30 official text · verified 2026-10-27 · changed: Art. 34 (lender of last resort) was reworded by Ley Nº 20.446 of 16 December 2025, art. 692: operations may not exceed one and a half times the equity of the assisted institution, and loans backed by private securities or commercial paper need SSF and Corporación de Protección del Ahorro Bancario reports.

2. Financial intermediation, meaning the habitual and professional intermediation between supply and demand of securities, money or precious metals, needs prior authorization from the Executive Branch with a favourable BCU opinion, plus a BCU installation permit; both weigh legality, timeliness and convenience and the solvency, integrity and aptitude of the applicant. With the application the applicant deposits at the BCU 20 percent of the minimum net worth the BCU requires, refunded when the decision is made, and an authorized entity must start operating within 180 days or the licence lapses. New branches of an authorized entity only need BCU approval, deemed granted after 90 days of silence. Banks must be sociedades anónimas unless they are branches of foreign companies, the word "banco" is reserved to licensed banks, and only banks and financial cooperatives may run current accounts with cheques, take demand deposits and take time deposits from residents. Foreign bank branches are authorized only if their bylaws do not bar Uruguayan citizens from management posts.
Cost to do it: A refundable deposit equal to 20 percent of the BCU minimum net worth for the licence type, paid with the application (art. 7); the minimum net worth itself is set in BCU regulation and is not quantified here. Mergers, absorptions and transformations need prior Executive approval and BCU consent (art. 9).
Example: An applicant for a banking licence lodges, together with the application, one fifth of the minimum net worth the BCU sets for that licence type and gets it back when the Executive decides, whether or not the licence is granted; once authorized it has 180 days to open. / A foreign bank opening a Montevideo branch follows the same route and must also show that its bylaws do not bar Uruguayan citizens from management posts in Uruguay.Decreto Ley Nº 15.322 (Financial Intermediation System), as amended by Ley Nº 16.327, Art. 1, art. 3, art. 6, art. 7, art. 8, art. 17 and art. 17 BIS, 1982-09-17 official text · verified 2026-10-27

3. Financial entities may not disclose funds or securities held for an identified person, or confidential client information. Secrecy can be lifted only with the client's express written authorization, by a reasoned order of a criminal court, or of the competent court where child or family support obligations are at stake; breach is punished with three months to three years of imprisonment. Secrecy does not apply against the tax authority (DGI) for the automatic reporting of balances and financial income of foreign tax residents and related tax information powers under Ley Nº 19.484, which also overrides the secrecy rules of the Securities Market Law and the trust law for reporting entities.
Cost to do it: No cost to the client; banks bear the reporting cost of Ley Nº 19.484.
Example: A non resident holding UYU 4,021,400 in a Montevideo bank keeps it confidential from private parties, but the bank reports the year end balance, the average balance and the income to the DGI for exchange with the holder's country of tax residence. / The same applies to a US$100,000 dollar account.Decreto Ley Nº 15.322; Ley Nº 19.484 (fiscal transparency), Decreto Ley 15.322 art. 25; Ley 19.484 art. 1, art. 16 and art. 17, 1982-09-17; 2017-01-05 official text · verified 2026-10-27

4. Securities may be offered to the public only when the securities and the issuer are entered in the Securities Register kept by the SSF; the central government, the BCU and departmental governments are exempt. Public offering includes a generalized invitation to an institution's clients even without advertising. Private issues are outside the public offering rules but must state that they are private, may only be placed directly with identified persons, cannot be listed or advertised, and the issuer must state that they were not registered with the SSF. Issuers, exchanges, brokers, investment advisers, custodians, rating agencies and auditors are all subject to BCU sanctions, including fines of up to 50 percent of the basic net worth for banks. Public issuers must appoint external auditors from the SSF register who apply international auditing standards, and their directors owe a duty of loyalty that puts the company's interest before that of the controlling shareholder.
Cost to do it: Registration fees and the ongoing disclosure regime are set in BCU regulation and are not quantified here; the external audit by an SSF registered auditor is a recurring professional cost for every public issuer (art. 113).
Example: A Uruguayan S.A. that wants to raise UYU 402,140,000 in corporate bonds from the public must first register itself and the issue with the SSF; if it only places the bonds with five identified institutional buyers, it can do a private issue labelled as such and never list it. / UYU 402,140,000 is US$10,000,000 at the BCU rate of 26 October 2026.Ley Nº 18.627 (Securities Market Law), Art. 1 to 3, art. 82, art. 113 and art. 118, 2009-12-02 official text · verified 2026-10-27

5. Crowdfunding platforms are securities markets open to direct investor participation and reserved to small issues. Platform operators need prior SSF authorization, register the issuers and issues in a special section of the Securities Register, and act as holders' representative, paying agent and registrar. The BCU sets the maximum amount per issuer, defines small investors and caps their participation; companies whose annual sales exceed the SSF limit cannot issue on platforms. From 1 January 2027 the BCU may also set interconnection and interoperability rules between stock exchanges, with reciprocal and non discriminatory access for authorized participants.
Cost to do it: Issuance limits and platform fees are set by the BCU and each platform and are not quantified here; platform issuers are exempt from the Title VI issuer regime except the directors' loyalty duty and from the mandatory external auditor rule, unless the BCU requires professional reports.
Example: A small Uruguayan company can raise funds through an SSF authorized platform without the full public issuer regime, as long as its sales are under the SSF ceiling and the issue fits the BCU size limits. / Investors abroad can take part directly on the platform, subject to the BCU small investor caps.Ley Nº 18.627, art. 93 BIS added by Ley Nº 19.820; art. 88 BIS added by Ley Nº 20.531 (Rendición de Cuentas 2025), Art. 3 and art. 93 BIS (Ley 19.820 art. 49 and 50); art. 88 BIS (Ley 20.531 art. 307), in force under Ley 20.531 art. 2, 2019-09-18; 2026-10-01 official text · verified 2026-10-27 · changed: Ley Nº 20.531, promulgated 1 October 2026 and published 16 October 2026, art. 307 adds art. 88 BIS to Ley Nº 18.627 empowering the BCU to regulate interoperability between stock exchanges; under its art. 2 the law applies from 1 January 2027 unless an article sets another date.

6. Interest is usurious when the implicit effective annual rate exceeds the BCU average rate for the matching segment (term, currency, borrower type) of the rolling quarter before the loan by more than 55 percent for loans under UI 2,000,000 of principal, or by more than 90 percent for loans of UI 2,000,000 or more; on default the markups are 80 percent and 120 percent, and payroll deduction loans have markups of 20 and 30 percent. Foreign currency amounts are converted to US dollars and then to pesos, using the UI of the date the loan is agreed. Civil usury voids the lender's right to any interest, commissions or charges, and amounts already collected are deducted from the principal; courts raise it of their own motion. Penal usury carries six months to four years. The BCU (for financial institutions and regular lenders) or the consumer protection unit can order refunds and fine between UI 10,000 and the higher of UI 20,000,000 or three times the excess collected. The law is public policy and cannot be contracted out of.
Cost to do it: Fines from UI 10,000 (UYU 66,792, about US$1,661) up to the higher of UI 20,000,000 (UYU 133,584,000, about US$3,321,828) or three times the excess interest, on top of losing all interest under civil usury.
Example: The UI 2,000,000 threshold is UYU 13,358,400 at the UI of 27 October 2026. A one year peso loan of UYU 4,021,400 to a medium sized company agreed in October 2026: BCU average 12.78 percent, cap 19.809 percent, so interest above UYU 796,599 for the year is usurious. / The threshold is about US$332,183. A one year US$1,000,000 loan to a large company (above the threshold) in October 2026: average 4.77 percent, cap 9.063 percent, so interest above US$90,630 (UYU 3,644,595) is usurious.Ley Nº 18.212 (Interest Rates and Usury), art. 11 as worded by Ley Nº 19.732, Art. 11, art. 12, art. 21, art. 22, art. 24, art. 25 and art. 29, 2007-12-05 official text · verified 2026-10-27 · changed: Art. 13 was reworded by Ley Nº 20.446 of 16 December 2025, art. 701: average and maximum rates are now published on the BCU and consumer protection unit websites. The BCU now publishes a rolling quarter table every month; Comunicación Nº 2026/188 (rates in force from 1 October 2026) and Nº 2026/212 (from 1 November 2026) are the latest.

7. A Bank Deposit Guarantee Fund, managed by the Superintendencia de Protección del Ahorro Bancario and immune from seizure, refunds deposits of the non financial private sector in banks and financial cooperatives up to US$10,000 for all foreign currency deposits and UI 250,000 for all peso deposits of each person in each institution. Deposits of financial firms, and of shareholders and senior staff in their own institution (and their spouses and related businesses), are excluded, as are deposits pledged as collateral, deposits backed by negotiable certificates, placements against listed securities and subordinated deposits. Banks and cooperatives contribute between 1 and 30 per thousand of average non financial deposits, priced by risk. From 1 January 2027 the minimum contribution falls to 0.75, 0.50 and 0.25 per thousand once the Fund exceeds 70, 80 and 90 percent of its maximum.
Cost to do it: No cost to depositors; banks and financial cooperatives pay risk based contributions of 1 to 30 per thousand of average non financial deposits.
Example: A company holding UYU 3,000,000 in pesos at one bank is covered up to UI 250,000, which is UYU 1,669,800 at the UI of 27 October 2026; splitting balances across banks multiplies the cover, since the cap is per person per institution. / Dollar deposits are covered only up to US$10,000 per person per bank, while the peso cap is about US$41,523; a US$500,000 dollar balance in one bank is almost entirely uninsured.Ley Nº 17.613, as amended by Ley Nº 18.401 and Ley Nº 20.531; Decreto Nº 103/005, art. 5 as worded by Decreto Nº 142/016, Ley 17.613 art. 45 to 48; Decreto 103/005 art. 5 and art. 6; Ley 20.531 art. 309, 2002-12-27; 2005-03-07; 2026-10-01 official text · verified 2026-10-27 · changed: Ley Nº 20.531 art. 309 adds a third paragraph to Ley Nº 17.613 art. 47 lowering the minimum bank contribution as the Fund fills up; it applies from 1 January 2027 under Ley Nº 20.531 art. 2.

8. Non residents pay IRNR on Uruguayan source interest. Interest on deposits in local financial institutions, and on bonds and financial trust certificates of resident issuers issued by public subscription and listed locally, is taxed by currency and term: pesos at a fixed nominal rate 5.5 percent up to one year, 2.5 percent over one and up to three years and 0.5 percent over three years; peso inflation adjusted 10, 7 and 5 percent; foreign currency 12 percent up to one year and 7 percent over three years. Other interest, such as on a cross border loan, falls in the residual 12 percent rate, and income of entities in low or no tax jurisdictions bears 25 percent. Interest on public debt is exempt, as is interest on loans to IRAE taxpayers whose assets producing income not taxed by IRAE exceed 90 percent of total assets, and exchange differences and inflation adjustments on deposits and credits.
Cost to do it: The withholding is borne by the non resident lender or depositor unless the contract grosses it up; the payer withholds and pays it to the DGI.
Example: A foreign parent lends its Uruguayan subsidiary US$1,000,000 at 8 percent: yearly interest of UYU 3,217,120 bears IRNR at 12 percent, UYU 386,054, withheld by the subsidiary, unless an exemption or a treaty reduces it. / Interest of US$80,000 less US$9,600 of IRNR leaves US$70,400 for the lender; a non resident's one year US$100,000 bank deposit at 4 percent pays US$4,000 of interest and US$480 of IRNR.Texto Ordenado 2023 (DGI), Title 8 (IRNR), art. 18 as worded by Ley Nº 20.075 art. 487; art. 19, Title 8 art. 18 A) and B); art. 19 A), B), E) and F), 2022-10-20 official text · verified 2026-10-27

Loan	BCU average	Cap below UI 2,000,000	Cap at or above UI 2,000,000
Pesos, fixed rate, up to 366 days, large company	7.75%	12.0125%	14.7250%
Pesos, fixed rate, up to 366 days, medium company	12.78%	19.8090%	24.2820%
Pesos, fixed rate, up to 366 days, small company	21.67%	33.5885%	41.1730%
Pesos, fixed rate, 367 days or more, large company	7.91%	12.2605%	15.0290%
UI indexed, large company	4.71%	7.3005%	8.9490%
US dollars, up to 366 days, large company	4.77%	7.3935%	9.0630%
US dollars, up to 366 days, medium company	5.53%	8.5715%	10.5070%
US dollars, 367 days or more, large company	4.75%	7.3625%	9.0250%

BCU average rates and usury caps in force from 1 October 2026 for selected business loans (effective annual rates, BCU Comunicación Nº 2026/188, rolling quarter June to August 2026); caps are the average plus 55 percent below UI 2,000,000 and plus 90 percent at or above it (Ley Nº 18.212 art. 11)

Interest on	Rate	Note
Peso deposits or listed local bonds at a fixed nominal rate	5.5% up to 1 year; 2.5% over 1 to 3 years; 0.5% over 3 years	Bonds and financial trust certificates only if publicly subscribed and listed locally
Peso inflation adjusted deposits or listed bonds	10% up to 1 year; 7% over 1 to 3 years; 5% over 3 years	Same condition
Foreign currency deposits or listed bonds	12% up to 1 year; 7% over 3 years	Same condition
Other Uruguayan source interest, such as a cross border loan	12%	Exemptions in art. 19 and treaties may reduce it
Income of entities in low or no tax jurisdictions	25%	Except dividends of IRAE taxpayers
Uruguayan public debt	Exempt	Art. 19 A)

IRNR on interest received by non residents (T.O. 2023 Title 8 art. 18 and 19)

Worked example

Peso working capital line, October 2026: a medium sized Uruguayan company borrows UYU 4,021,400 (US$100,000) for one year at a fixed rate. The loan is below the UI 2,000,000 threshold (UYU 13,358,400, about US$332,183), so the cap is the BCU average of 12.78 percent plus 55 percent, 19.809 percent effective annual. Interest of up to UYU 796,599 (US$19,809) is lawful; at a 21 percent effective rate the lender would lose the right to all interest and charges under Ley Nº 18.212 art. 21.
Intragroup dollar loan: a foreign parent lends US$1,000,000 for one year at 8 percent to its Uruguayan subsidiary, classified as a large company. The cap for a US dollar loan of this size up to 366 days is 9.063 percent, so 8 percent is within it. Interest of US$80,000 (UYU 3,217,120) bears IRNR at 12 percent, US$9,600 (UYU 386,054), unless an exemption or a treaty applies, leaving US$70,400 for the parent.
Deposit guarantee: an exporter keeps US$250,000 and UYU 1,000,000 at one bank. The dollar cover is US$10,000; the peso balance is fully covered because it is below UI 250,000 (UYU 1,669,800, about US$41,523). The remaining US$240,000 is unprotected by the Fund.

Step by step

Decide whether you need a licence: lending your own funds is not financial intermediation, but habitually intermediating between depositors or investors and borrowers is, and needs Executive and BCU approval under Decreto Ley Nº 15.322 art. 6.
For a bank or other intermediary, prepare the application with the SSF and lodge the deposit of 20 percent of the BCU minimum net worth; plan to start operating within 180 days of authorization.
To raise money from the public, register the issuer and the issue in the SSF Securities Register, appoint an SSF registered external auditor and set up periodic disclosure; for a small raise, consider an authorized crowdfunding platform.
If the investors are a few identified institutions, document a private issue: state that it is private and unregistered, place it directly, do not list or advertise it.
Before pricing a loan, check the latest monthly BCU Comunicación on average rates and caps for the right term, currency and borrower size; the rate in force on the signing date governs.
For cross border loans, set the withholding mechanics (gross up or not) in the contract and check the IRNR rate, art. 19 exemptions and any applicable treaty before the first interest payment.
Spread large cash balances across banks or into instruments that suit your risk policy, since the deposit guarantee is capped per person per institution.
Diary the 1 January 2027 changes from Ley Nº 20.531: exchange interoperability rules and lower minimum bank contributions to the deposit guarantee fund.

Common traps

A generalized invitation to an institution's own clients is a public offering even without advertising (Ley Nº 18.627 art. 2), so a private placement circulated widely among a bank's customer base needs registration.
The usury cap is not a single national rate: it depends on term, currency, borrower type and loan size, and the BCU table changes every month. Using last quarter's cap or the wrong borrower category can void all interest.
Fees and charges count toward the implicit rate except the items Ley Nº 18.212 art. 14 expressly excludes, so a low headline rate with high fees can still be usurious.
Foreign currency loans are converted to US dollars and pesos at the UI of the signing date to test the UI 2,000,000 threshold; a loan near the line can fall in the stricter 55 percent band.
The deposit guarantee is only US$10,000 for all dollar deposits per person per bank, a small share of typical corporate dollar balances in a largely dollarised banking system.
Bank secrecy protects clients against private parties but not against the DGI for automatic exchange of financial account information under Ley Nº 19.484.
The reduced IRNR rates for deposits and bonds apply only to local deposits and to publicly subscribed, locally listed securities; private intragroup loans fall in the 12 percent general rate, and 25 percent if the lender sits in a low or no tax jurisdiction.
Only banks and financial cooperatives may take demand deposits and resident time deposits; fintech and lending models that hold client money need a licence analysis first.
For Argentine lenders or investors, check the Uruguay Argentina tax information and double taxation agreement (Ley Nº 19.032) and the Argentine side rules; see The Argentine Thread guide.

Sources

← Trade and customs in Uruguay: Customs Code, consular fee, import VAT, temporary admission and free zonesReal estate and land in Uruguay: who may own, how title is secured, transfer tax, cash limits and tax on rent, gains and wealth →