Dollar: closing price today, May 23 in Paraguay

Dollar: closing price today, May 23 in Paraguay
Dollar: closing price today, May 23 in Paraguay

The guaraní is one of the oldest currencies in Latin America. (Infobae)

In the last session the American dollar was paid at closing to 7,517.91 guaraníes on averagewhich represented a change of 1.73% when compared to the 7,389.99 guaraníes of the previous session.

In relation to the last seven days, the American dollar accumulates an increase of 0.31%which is why for a year it still maintains a rise of 5.03%.

Regarding the variations of this day compared to previous days, it added three consecutive days of positive numbers. Regarding the volatility of the last few days, it was higher than that accumulated in the last year, which shows that the value experiences greater variations than the general trend.

In the last two decades Paraguay has registered robust economic growth, given this situation the world Bank It is projected that for this year there will be a slowdown compared to the previous period.

He Central Bank of Paraguay (BCP) forecasts a growth of 3.8 percent of the Gross Domestic Product (GDP). Carlos Carvallo, president of the banking institution, predicts that inflation will reach the expected goal of 4 percent by the end of this year.

Paraguay’s economic recovery is the product of income diversification in different sectors; this situation has been highlighted by specialists in the region who consider it to be a sign of economic health.

The World Bank maintains that the economic slowdown in Paraguay will be reduced slightly to 4 percent; However, it will be one of the highest growth rates in the region.

The guaraní is the legal currency in Paraguay and it was created in 1943, which holds the record of being one of the oldest coins in Latin America.

Initially it was divided into 100 cents, however, due to inflation, cents are no longer used. Regarding 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.

The banknotes and coins with the new denomination have been in circulation since 1944 to the present and now their issuance is regulated by the Central Bank of Paraguay.

It was until 1998 that finally The first 100,000 guaraní banknotes were put into circulation, which today is the highest value bill. By early 2020, this bill was worth about 16 US dollars or 14 euros. Currently there are also banknotes of 20,000 and 2,000 guaraníes, as well as coins of 50, 100, 500 and 1000 guaraníes, of different sizes.

In the last two decades, Paraguay’s macroeconomic policies have benefited the economy, which has shown strong growth from 2004 to 2019, in part due to agricultural exports, hydroelectric energy and constitutional reforms that helped maintain stability. According to data from the world Bankpoverty has been reduced from 40.2% to 19.7 percent.

However, as a result of the coronavirus pandemic, growth has slowed: the economy contracted in 2019, Poverty increased again to 22.3% in 2020 and these factors, along with inflation, are expected to cause poverty to remain above pre-pandemic levels.

 
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