The euro quoted at closing at 7,132.28 guaranies on averageso that it represented a change of 3.62% with respect to the 6,883.40 guaraníes on average from the previous day.
Taking into account the last week, the euro accumulated a rise of 3.93%; although in the last year there is still a decrease in 10.01%. As for the changes of this day with respect to previous dates, he chained two days in a row in positive figures. The volatility of the last seven days presented a balance manifestly higher than the volatility reflected in the figures of the last year, therefore it presents greater changes than the general trend of the value.
The Guarani is the legal tender in Paraguay. and was created in the year 1943, this 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 when a decree was proclaimed by which the Organic Monetary Regime of the Republic of Paraguay was established, with which sought to ensure stability, strengthen it and reaffirm monetary independence and sovereignty. With this decision the Paraguayan peso was also replaced.
At that time, the guaraní was equivalent to 100 Paraguayan pesos, later they were changed to cents.
Banknotes and coins with the new denomination are in circulation from 1944 to the present day and now their issuance is regulated by the Central Bank of Paraguay.
However, it was not until 1998 that finally the first 100,000 guaraní bills were put into circulation, which today is the ticket with the highest value. By the beginning of 2020, this ticket was worth about 16 US dollars or 14 euros.
Currently there are also the 20,000 and 2,000 guaraní bills, as well as the 50, 100, 500 and 1,000 guaraní coins, of different sizes.
Among the controversies surrounding the Paraguayan currency is the 2009 plan, when the elimination of the three zeros to Guaraní, which would also be called “new Guaraní”, but in 2013 a contradictory project came to light. Both initiatives are suspended.
In the economic sphere, Paraguay had a great growth in 2021 despite the coronavirus pandemic by growing 4.6%; In addition to this, the Economic Commission for Latin America and the Caribbean (ECLAC) indicates that the Gross Domestic Product (GDP) could grow up to 3.8 percent.
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