Time Period: 1847-1943

Currency: Paraguayan Peso


Timeline

  • 01.03.1847
  • Presidential decree on the issuance of a copper subsidiary coin of 1⁄12 Real (probably Argentine standard) to be valued at half its denomination (1⁄24 Real or ⅓ "Medio"), which had been authorized by parliamentary resolution of 27.11.1842; effective immediately:
    - The coins were produced 1845 by Heaton Mint in Birmingham
    - Further coins were produced after 1858 in Ascuncion mint (founded on 14.05.1855).
  • 01.03.1847
  • Presidential decree on the issuance of paper money of 200'000 Pesos (probably Argentine standard) in denominations of 20, 9, 5, 3, 1 by the treasury; effective immediately:
    - Extended in 1849, 1851, 1853, 1859, 1861, 1861, 1865 to around 5 million Pesos (also smaller denominations of 4, 2, 1, ½ Real were included).
  • 06.06.1856
  • Government decree on the rating of the full-weighted Spanish (Latin American) gold and silver coins; effective immediately:
    - Spanish Onzs (8 Escudos in gold) at 17¼ Pesos; Spanish Dollar (8 Reales in silver) at 1¼ Pesos = 10 Reales.
  • 11.09.1867
  • Presidential decree on the production of a gold coin of 4 Pesos during the War of the Triple Alliance; effective immediately but not implemented
  • 31.07.1871
  • Law on the demonetization of the paper money that had been issued since 1847; effective 01.03.1870 (retroactive):
    - The notes issued after the effective date were declared void.
    - Earlier notes could be exchanged at discounted rates depending on the date of issuance, starting at 20% discount for notes issued before 31.12.1861, down to 90% discount for notes issued after 16.08.1869.
  • 21.01.1875
  • Law on the adoption of the French monetary standard at 5 Francs (in gold) and on the rating rating of foreign gold and silver coins; effective immediately:
    - Gold: Spanish Onza = 16.50 Paraguayan Pesos; 20 US Dollars = 20.40 Paraguayan Pesos; British Sovereign = 5 Paraguayan Pesos
    - Silver: Spanish Dollar = US Dollar = 1 Paraguayan Peso; 5 French Francs = 0.90 Paraguayan Peso.
    - 30.12.1876: Law, reduced the Spanish Onza to 16.30 Paraguayan Pesos, other ratings were unchanged; effective immediately.
  • 11.09.1877
  • Law on the issuance of subsidiary coins of 4, 2, 1 Cents; effective immediately:
    - The coins were produced by Heaton Mint in Birmingham, using the denomination "Centésimo" instead of the lawful "Centavo" (possibly confounded with the Uruguayan coins produced at the same time).
  • 21.10.1883
  • Law on the creation of the "National Bank of Paraguay" with an issuance privilege for paper money; effective upon constitution of the bank on 02.01.1884
  • 14.07.1885
  • Law, declared Argentine gold and silver coins legal tender; effective immediately:
    - Gold: 5 Argentine Pesos = 5 Paraguayan Pesos
    - Silver: 1 Argentine Peso = 0.94 Paraguayan Peso.
  • 27.04.1887
  • Law, elevated the value of silver coins in the French standard to 5 French Francs = 1 Argentine Peso = 1 Paraguayan Peso; effective immediately
  • 13.09.1889
  • Law on the authorization for the National Bank of Paraguay and the Commercial Bank of Paraguay and the Bank of Paraguay and Rio de la Plata to issue silver coins of 1 Peso, 50, 20, 10, 5 Cents; effective immediately
    - Only the 1 Peso coin was produced.
    - A similar law of 08.09.1888 on the authorization for a gold coin of 5 Pesos, referred to as "Paraguayo", remained uneffective.
  • 1892-1903
  • Paper money issuance by the Treasury:
    - 13.05.1892: Law, authorized the issuance of 360 thousand Pesos
    - 30.10.1892: Inconvertibility of the paper money of the National Bank (in liquidation since 18.05.1892) and other commercial bank, the notes remained in circulation with forced course
    - 14.07.1903: Law (after similar laws of 1894, 1896, 1897, 1899, 1902), brought the total issued amount to 35 million Pesos.
  • 1912-1915
  • Paper money issuance by the Treasury:
    - 18.01.1912: Law, brought the total issued amount to 65 million Pesosauthorized the issuance of 360 thousand Pesos
    - 01.02.1915: Law (after a similar law 1914), brought the total issued amount to 125 million Pesos.
  • 28.01.1916
  • Law [No. 182] on the establishment of the Exchange Office with authorization to issue state paper money (instead of the Treasury); effective upon constitution of the office on 01.05.1916 (?)
    - 1916-1935: Paper money issuance by the Exchange Office up to at total of about 1250 million Pesos.
  • 22.02.1936
  • Law [No. 11] on the establishment of the state-owned Bank of the Republic to take over from the Exchange Office; effective immediately (?)

Valuation Regimes

  • 1875-1885
  • Metallic currency based on circulating gold and silver coins, valuated in the standard of the Latin Monetary Union
  • 1885-1892
  • Fixed rate against Argentine Peso
  • 1892-1923
  • Variable rate. With the laws of 13.05.1892 (forced course of state paper money) and 30.10.1892 (forced course bank paper money) the paper money had become inconvertible.
  • 1923-1943
  • Fixed rate against Argentine Peso

Rate Arrangements

  • 21.01.1875
  • Metallic
  • Peso: 1'451.61mg AU fine
  • 620 Pesos to the kilogram gold 0.900
  • 14.07.1885
  • Fixed
  • Argentine Peso at 1 : 1
  • ±0.0%
  • 13.05.1892
  • Variable
  • initially: Argentine Peso at 1 : 1
  • ±0.0%
  • ??.03.1923
  • Fixed
  • Argentine Peso at 1 : 18.75
  • -
  • 17.08.1935
  • Fixed
  • Argentine Peso at 1 : 25
  • -25.0%
  • 01.02.1936
  • Fixed
  • Argentine Peso at 1 : 35
  • -28.6%
  • ??.08.1937
  • Fixed
  • Argentine Peso at 1 : 61.50
  • -43.1%
  • 10.02.1941
  • Fixed
  • Argentine Peso at 1 : 77
  • -20.1%


Time Period: 1944-

Currency: Paraguayan Guaraní


Timeline

  • 05.10.1943
  • Law [No. 655] on the currency reform; effective 01.01.1944
  • 01.01.1944
  • Start of currency exchange:
    - 01.01.1944: Start of issuance of overprinted banknotes and new coins
    - 08.09.1944: Start of issuance of regular banknotes
    - 31.12.1944: Demonetization of the former coins
    - 31.12.1947: Demonetization of the former banknotes without overprint
    - 31.12.1949: Demonetization of the overprinted banknotes.
  • 08.09.1944
  • Law [No. 5130] on the transformation of the "Bank of the Republic" and name change into "Bank of Paraguay"; effective immediately (?)
  • 25.03.1952
  • Law [Nr. 18] on the establishment of the "Central Bank of Paraguay"; effective upon constitution of the bank on 01.07.1952

Valuation Regimes

  • 1944-1957
  • Fixed rate against US Dollar
  • 1957-1960
  • Variable rate
  • 1960-1989
  • Fixed rate against US Dollar
  • 1989-
  • Variable rate

Rate Arrangements

  • 05.10.1943
  • Fixed
  • US Dollar at 1 : 3.09 - [Gold parity (18.12.1946)] 287.60mg AU fine
  • ±0.0%
  • 05.03.1951
  • Fixed
  • US Dollar at 1 : 6.00 - [Gold parity] 148.11mg AU fine
  • -48.5%
  • 01.01.1954
  • Fixed
  • US Dollar at 1 : 15.00 - [Gold parity] 59.24mg AU fine
  • -60.0%
  • 10.08.1954
  • Fixed
  • US Dollar at 1 : 21.00 - [Gold parity] 42.32mg AU fine
  • -28.6%
  • 01.03.1956
  • Fixed
  • US Dollar at 1 : 60.00 - [Gold parity] 14.81mg AU fine
  • -65.0%
  • 12.08.1957
  • Variable
  • initially: US Dollar at 1 : 98.00 - Official Free Rate
  • -38.8%
  • ??.10.1960
  • Fixed
  • US Dollar at 1 : 126.00 - Official Rate
  • -
  • 18.07.1982
  • Fixed
  • US Dollar at 1 : 160.00 - Official Rate
  • -21.3%
  • 25.05.1984
  • Fixed
  • US Dollar at 1 : 240.00 - Commercial Rate
  • -33.3%
  • 02.07.1986
  • Fixed
  • US Dollar at 1 : 320.00 - Commercial Rate
  • -25.0%
  • 05.07.1988
  • Fixed
  • US Dollar at 1 : 400.00 - Commercial Rate
  • -20.0%
  • 27.02.1989
  • Variable
  • initially: US Dollar at 1 : 1'050.00
  • -61.9%


End-year Forex Rates (Units per US Dollar)