The official currency of Paraguay is called the Paraguayan Guarani, abbreviated to PYG. ₲ is used as the currency symbol.
This currency has existed since 1943. The name Guarani comes from the Indian people of the same name, who are part of the indigenous population.
The currency of Paraguay is presented with banknotes of 20000 PYG, 10000 PYG, as well as 5000 PYG and 2000 PYG. There are coins for 1000 PYG, as well as 500 PYG, 100 PYG and 50 PYG.
One hundred centimos are small coins that make up a PYG. However, these are not very rarely in circulation, as they are usually rounded up.
Currency with different coinage
The series of coins from Paraguay has various types of coinage. The 500 Guaraníes coin, for example, shows the headquarters of the Paraguayan central bank in front and the Paraguayan general and politician Bernardino Caballero Melgarejo, who died in 1912, to the back.
Exchange into local currency
The import of the local currency of Paraguay is unlimited. If more than 10,000 US dollars are exported or imported into Guarani during the trip, these must be declared.
Money can only be changed at official exchange offices and banks. At most ATMs you can get Guaraníes or US dollars when making withdrawals or deposits. Credit card payments are only made in Guaraní.
With a credit card it is usually particularly cheap to withdraw money from a Landesbank in Guarani.
However, higher value goods or services are very often traded in US dollars. Most ATMs can also withdraw US dollars on request.
Taxes in Paraguay
Paraguay consists of five to seven percent of residents of German descent and attracts with a cheaper life, as well as inexpensive property and real estate. The value added tax is a maximum of ten percent and is levied exclusively on domestic profits.
There is no inheritance tax and property tax, like vehicle tax, is very low. Foreign assets and income do not have to be taxed in Paraguay.
Paraguay’s interest
Interest rates in Paraguay are quite high. If you need a loan in Paraguay, the interest rate is very high. Twenty percent and more are common. In the case of an overdraft facility, even more than forty percent interest is required.
If someone wants to invest money in Paraguay, the best conditions are guaranteed. Especially when the money is invested in the local currency Guarani. Domestic banks offer maximum interest rates for fixed-term deposits.
Investments in the Paraguayan currency Guarani bring the investor interest of more than 35 percent. Investments in US dollars are rewarded with interest rates of seven to twelve percent. Paraguayan banks are generally considered to be very safe and bankruptcy is extremely rare.
The security is greatest when an investment is made in one of the most famous international banks in the currency Guarani. Paraguay has several national and international banks, most of which are headquartered in the capital Asuncion. However, it should be borne in mind that exchange rate fluctuations can quickly lead to a loss.