Uruguay, ¡a desdolarizar!

TL;DR

Nearly 70% of Uruguayan bank deposits are in U.S. dollars.
The Central Bank is incentivizing peso deposits to de-dollarize the economy.
Reserve requirements for peso deposits over 30 days will be reduced to 0% from March 1st.
Banks will receive 100% of the Monetary Policy Rate for immobilized reserves on peso deposits.
Reserve requirements for dollar deposits remain at 28% (under 180 days) and 20% (over 180 days).
Interest paid on dollar deposits will be reduced.
Analysts suggest that maintaining low and stable inflation is key to encouraging peso savings.
Some analysts doubt the effectiveness of the measures, stating investment decisions ultimately depend on clients.

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