Paraguay

# **Republic of Paraguay**

## **Full Financial History Report**

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### **Basic Data:**

- **ISO Country Code:** PY
- **Official Language(s):** Spanish, Guarani *(Spanish is used for international documents)*
- **ISO Language Code (main):** es
- **Current Official Currency:** Guarani
- **ISO Currency Code (current):** PYG

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## **2. Currencies Circulated in Paraguay (since the beginning of monetary production)**

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### **2.1. Real (Spanish and Colonial Real)**

- **ISO Code:** —
- **Singular Name:** Real
- **Plural Name:** Reales
- **Monetary Subdivision:** 1 Real = 8 small reals / 1 Real = 100 centavos *(in some periods)*
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** c. 1537 *(with Spanish arrival)*
- **End Date of Production:** 1845
- **Start Date of Circulation:** c. 1537
- **End Date of Circulation:** 1845
- **Mint:** Not applicable *(coins imported or minted in Potosí or Buenos Aires)*
- **Issuing Bank:** Not applicable *(used under colonial rule)*
- **Coin Denominations:** ½ real, 1 real, 2 reales, 4 reales, 8 reales
- **Banknote Denominations:** —
- **Historical Context:** Used during the Viceroyalty of Peru and early independence period.
- **Designs / Symbols:** Included Spanish crowns, crosses, and colonial motifs.
- **Current Status:** Out of circulation
- **Issuing Authority:** Spanish Crown
- **Relevant Legislation:** Used under colonial and post-independence transition
- **Curiosities:** Coins were often imported from Potosí or minted in Argentina

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### **2.2. Peso Fuerte (PYF)** – **First National Currency**

- **ISO Code:** PYF *(not officially assigned)*
- **Singular Name:** Peso Fuerte
- **Plural Name:** Pesos Fuertes
- **Monetary Subdivision:** 1 Peso Fuerte = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1845
- **End Date of Production:** 1865
- **Start Date of Circulation:** 1845
- **End Date of Circulation:** 1865
- **Mint:** Local mints and foreign printings
- **Issuing Bank:** Banco del Paraguay
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 peso fuerte
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100 pesos fuertes
- **Historical Context:** Introduced after independence to establish monetary sovereignty.
- **Designs / Symbols:** National symbols like the coat of arms and indigenous figures.
- **Print Runs / Commemorative Issues:** Limited issues due to war and economic instability.
- **Current Status:** Out of circulation
- **Issuing Authority:** Government of Paraguay
- **Relevant Legislation:** Creation of the Banco del Paraguay *(1845)*
- **People Honored on Notes:** José Gaspar Rodríguez de Francia *(dictator)*

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### **2.3. Peso Moneda Corriente (PMC)** – **Inflationary Period**

- **ISO Code:** —
- **Singular Name:** Peso Moneda Corriente
- **Plural Name:** Pesos Moneda Corriente
- **Monetary Subdivision:** 1 Peso = 100 centavos
- **Fraction Singular Name:** Centavo
- **Fraction Plural Name:** Centavos
- **Start Date of Production:** 1865
- **End Date of Production:** 1904
- **Start Date of Circulation:** 1865
- **End Date of Circulation:** 1904
- **Mint:** Foreign mints
- **Issuing Bank:** Banco del Paraguay
- **Coin Denominations:** 1, 2, 5, 10, 20, 50 centavos; 1 peso moneda corriente
- **Banknote Denominations:** 1, 2, 5, 10, 20, 50, 100, 500, 1000 pesos
- **Historical Context:** Issued during economic recovery after the War of the Triple Alliance.
- **Designs / Symbols:** Figures of national history and patriotic themes
- **Current Status:** Out of circulation
- **Issuing Authority:** Banco del Paraguay
- **Relevant Legislation:** Monetary Act of 1865
- **People Honored on Notes:** Dr. Francia, President Carlos Antonio López

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### **2.4. Guarani (PYG)** – **Current Official Currency**

- **ISO Code:** PYG
- **Singular Name:** Guarani
- **Plural Name:** Guaranis
- **Monetary Subdivision:** 1 Guarani = 100 céntimos
- **Fraction Singular Name:** Céntimo
- **Fraction Plural Name:** Céntimos
- **Start Date of Production:** 1944
- **End Date of Production:** Ongoing
- **Start Date of Circulation:** 1944
- **End Date of Circulation:** In circulation
- **Mint:** Casa de la Moneda del Paraguay *(Asunción)*
- **Issuing Bank:** Central Bank of Paraguay
- **Coin Denominations:** ₲50, ₲100, ₲500, ₲1000
- **Banknote Denominations:** ₲2000, ₲5000, ₲10,000, ₲20,000, ₲50,000, ₲100,000, ₲200,000, ₲500,000
- **Historical Context:** Created to stabilize the monetary system after years of hyperinflation.
- **Designs / Symbols:** Indigenous cultural elements, national heroes, and native wildlife
- **Print Runs / Commemorative Issues:** New security series launched in 2021
- **Curiosities:** Paraguay is one of the few countries using “Guarani” as its official currency name
- **Current Status:** Active
- **Issuing Authority:** Central Bank of Paraguay
- **Relevant Legislation:** Law establishing the Guarani *(1944)*
- **Current Signatories:** President of the Central Bank, Minister of Finance
- **People Honored on Notes:** José G. Artigas *(Uruguayan leader), Fulgencio Yegros, Francisco Solano López, Silvio Zavala Vallarino*

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## **3. Mints / Production Facilities**

- **Casa de la Moneda del Paraguay** *(founded in 1944 – Asunción)*
- **Central Bank of Paraguay Banknote Printing Facility** *(responsible for printing notes)*

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## **4. Chronological Summary of Currency Changes**

| Year | Currency Change | Equivalence |
|------|------------------|-------------|
| 1845 | Real → Peso Fuerte | 1:1 |
| 1865 | Peso Fuerte → Peso Moneda Corriente | 1:1 |
| 1944 | Peso Moneda Corriente → Guarani | 1:1 |

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## **5. Additional Curiosities**

- The guarani was introduced to modernize the monetary system and reduce zeros caused by inflation.
- Some old banknotes still circulate informally in rural areas.
- The Central Bank has issued special editions commemorating historical events.
- Paraguay is one of the few countries where a native language *(Guarani)* appears on official currency.

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## **6. Historical Issuing Authorities**

- Banco del Paraguay
- Banco Nacional del Paraguay
- Central Bank of Paraguay

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## **7. Key Monetary Legislation**

- Law Establishing the Banco del Paraguay *(1845)*
- Law Establishing the Guarani *(1944)*
- Central Bank Charter *(1944)*

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## **8. Prominent Figures Featured on Banknotes**

- José G. Artigas *(Uruguayan military leader)*
- Fulgencio Yegros *(Paraguayan general and co-founder of independence)*
- Francisco Solano López *(President during the War of the Triple Alliance)*
- Silvio Zavala Vallarino *(Paraguayan economist and reformer)*
- Juana María de Lara *(special edition)*
- Eliza Lynch *(Irish woman, partner of Francisco Solano López)*

Fonte:

Autor do blog: Nilton Romani