Uruguay is reinforcing its strategy to de-dollarize its economy as investors deposit a larger portion of their wealth in peso-denominated monetary market funds and government bonds. ^[1] Guillermo Tolosa, president of the Central Bank, has prioritized de-dollarization, adopting an approach opposite to that of Argentina's president Javier Milei, who seeks to incentivize dollar transactions. ^[2] Peso-denominated public bond investments have tripled in the last two years, exceeding US$348 million by late May, according to official data. ^[3] The proportion of private sector bank deposits held in foreign currency fell to nearly 69% in June, down from approximately 73% when Tolosa assumed office in March 2025. ^[4] All four money market funds opened this year that invest in fixed-rate peso securities, a novelty for a nation where people traditionally save in US dollars. ^[5] Central Bank Chairman Guillermo Tolosa has made de-dollarising a priority, contrasting with neighboring Argentina where President Javier Milei encourages citizens to transact and save in dollars. ^[6] Uruguay has at least seven money market funds operating in pesos this year, roughly double the figure from 2025, as brokerages and fintechs compete for local savings. ^[7]