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The South American country Paraguay is known for its stable economy and peaceful lifestyle. If any Indian traveler or investor wants to know about Paraguay, then the first question that comes to his mind is what is the currency of Paraguay and what is its position against the Indian rupee? We will tell you the official currency of Paraguay, its value, comparison with the Indian rupee and important things related to it.
The name of the official currency of Paraguay is Guarani. Its international currency code is PYG. Guarani is named after the native Guarani tribe of Paraguay, which is an important part of the country’s cultural identity. This currency has been in circulation in Paraguay for a long time and is considered a stable currency compared to other countries located in South America.
Comparison of Indian Rupee and Paraguay Guarani
According to the report of Vice.com, the price of 1 Indian Rupee in Paraguay is equal to 75 Paraguay Guarani (PYG). According to this, if an Indian takes Rs 1 lakh to Paraguay, its value there will be equal to 75 lakh Paraguay Guarani (PYG). The currency of Paraguay has a higher denomination. This means that the prices there are written in thousands. A coffee in Paraguay can cost 15,000 to 20,000 PYG.
Central Bank of Paraguay
Banco Central del Paraguay (BCP) is the central bank of Paraguay, which is responsible for controlling the country’s monetary policy and maintaining balance in the finance system. It also issues the country’s official currency, the Guarani (PYG). The Guarani, the currency of Paraguay, was first officially introduced in 1944. Earlier, Peso was in tender in the country, but in view of the need for economic reforms and monetary stability, the government removed the Peso and adopted Guarani.
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