On the last day, the euro traded at 7,778.11 Guaraníes at the close, an average increase of 3.06% compared to 7,547.50 Guaraníes on average the previous day.
Compared to the profitability of the last seven days, the euro recorded a rise of 2.84%; but in year-on-year terms it still continues to decline by 3.5%. If we compare the value with previous dates, it stopped two sessions in a row with a flat trend. The volatility of the last seven days is visibly higher than the data achieved for the last year (12.73%), so it is going through a phase of instability.
In the last year, the euro has even changed by a maximum of 8,036.33 Guarani on average, while its lowest level has been 7,453.30 Guaraníes on average. The euro is positioned closer to its maximum than its low.
The currency of Paraguay
Guaraní is the legal tender in Paraguay and was created in 1943, which has given it the record of being one of the oldest coins in Latin America.
At first it was divided into 100 cents, however, due to inflation, cents are no longer used. About its abbreviation, the acronym PYG is commonly used.
It was on October 5, 1943, that a decree was proclaimed establishing the Organic Monetary Regime of the Republic of Paraguay, which sought to ensure stability, strengthen it and reaffirm monetary independence and sovereignty. This decision also replaced the Paraguayan peso.
At that time, the guarani was equivalent to 100 Paraguayan pesos, then they were changed to cents.
Banknotes and coins with the new denomination have been in circulation from 1944 to the present day and their issuance is now regulated by the Central Bank of Paraguay.
However, it was until 1998 that the first 100 000 Guaraní banknotes were finally put into circulation, which is today the highest value banknote. At the beginning of 2020, this ticket was worth about 16 US dollars or 14 euros.
Currently, there are also banknotes of 20 000 and 2000 Guarani, as well as coins of 50, 100, 500 and 1 000 Guaraní, of different sizes.
Among the controversies surrounding the Paraguayan currency is the 2009 plan, when it was proposed to eliminate the three zeros against Guarani, which would also be called “new guaraní”, but in 2013 a contradictory project came to light. Both initiatives have been suspended.
In the economic sphere, Paraguay experienced great growth in 2021 despite the coronavirus pandemic, growing 4.6%; in addition, the Economic Commission for Latin America and the Caribbean (ECLAC) points out that the Gross Domestic Product (GDP) could grow by up to 3.8 percent.
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Agencies