Paraguay Guarani - PYG

Overview

The Guaraní is the official currency of Paraguay. It was subdivided into 100 céntimos, but they are no longer in use.

Economy

• Paraguay owns an economical market that is characterized with a huge non-formal region.
• Agriculture dictates the economic system, however inequal land partition has caused in a huge area of peasant farm workers.
• A large proportion of the inhabitants is uninvolved within the formal economy; instead working in agriculture.
• Lately, the economic system has grown because of increased agrarian exports, particularly soybeans.
• Fiscal fluctuations, particularly in financial policy, have helped to develop Paraguay’s economic state.
• Paraguay benefits from the increased wealth of a younger population as well as huge hydroelectric capability. However, very few natural resources and political instabilitystate has undercut many of the country's economic advantages at present.
• Paraguay was probably the most agrarian economic system within South America, and that region influenced with the efficiency of just about every single area of the economic state.

History

• The primary Guaraní notes had been of fifty céntimos, 1o, 5, and 1 Guaraní over stamped on 50, a hundred, 500, and one thousand Pesos since 1943.
• The currency family further expanded with the issuance of 5,000 and 10,000 Guaranies.
• The 1982 revision added denominations within the Guaraní language to the reverses.
• The first 50,000 Guaraníes banknotes were circulated in 1990, as well as 100, 000 Guaraníes in 1998.
• Modern 50,000 Guaraníes banknotes were issued in 2005, however several forgeries came into existance prior to the official introduction.  As such, these bills were declared fake and worthless by the central bank.
• Starting in 2004, all existing denominations, except 50,000 Guaraníes, underwent small adjustments, such as a more subtle and borderless watermark and enhanced safety features.

General Information