Paraguay, a landlocked country in South America, has its own currency known as the Paraguayan Guarani (PYG). The Guarani has been the official currency of Paraguay since 1943, replacing the Paraguayan peso.

The Guarani is named after the indigenous people who inhabited the region before the arrival of the Spanish conquerors. The currency is denoted by the symbol ₲ and is subdivided into 100 smaller units called céntimos. However, due to inflation, the céntimo coins are no longer in circulation.

As of the time of writing, the exchange rate of the Paraguayan Guarani to the United States Dollar (USD) is approximately 6,000 PYG to 1 USD. It's important to note that exchange rates can fluctuate and it's always a good idea to check the latest rates before conducting any currency exchange.

The Guarani banknotes come in various denominations, including 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 PYG. Each banknote features prominent Paraguayan historical figures, landmarks, or symbols. The use of the Guarani is widespread throughout the country, and it is accepted in most businesses, markets, and tourist destinations.

When visiting Paraguay, it is advisable to have some local currency on hand for convenience. While some establishments may accept major foreign currencies, it is always better to have the local currency for smaller transactions and to avoid potential issues with exchange rates or acceptance. ATMs are widely available in major cities, allowing visitors to withdraw Guarani using their international debit or credit cards.

Paraguay's economy heavily relies on agriculture, which includes the production of soybeans, corn, wheat, and beef. The country is also known for its hydroelectric power plants, which contribute significantly to its energy production. Understanding the basic unit of currency, the Paraguayan Guarani, is essential for anyone traveling to Paraguay or engaging in business transactions within the country.

In conclusion, the Paraguayan Guarani serves as the basic unit of currency in Paraguay. Its symbol is ₲, and it is subdivided into céntimos, although they are no longer in circulation. Having some local currency, especially in banknotes, is advisable when traveling to Paraguay to ensure smooth transactions and to fully experience the country's vibrant culture and economy.

Sign Up