Currency Rates for Paraguayan Guaraní
Currency Exchange Rates for Paraguayan Guaraní. Currency Information on PYG for Paraguay - ₲. The foreign exchange currency code for PYG represents the Paraguayan Guaraní exchange rate.
GBP to PYG
History about the Paraguayan Guarani
The Paraguayan Guarani is the official currency of Paraguay. However, this has not been the official currency since the country's independence. As expected, Paraguay used the Spanish colonial Real despite winning its independence from Spain in 1811. However, the Peso was introduced sometime in 1856 replacing the Spanish Real. The Paraguayan Guarani, abbreviated as PYG, traces its history to 5th October 1943 when a law was passed to replace the Peso which was till then the official currency of the country. The currency derives its name from the Guarani people who are an indigenous people from South America who still inhabit Paraguay. The new currency exchanged at a rate of 1 Guarani for 100 pesos. Following the passage of this law, the Guaranies were first availed for circulation in 1944. In between 1960 and 1985 the new currency was pegged to the US dollar at 126 Paraguayan Guarani to 1 USD
Paraguayan Guarani Coins
Paraguayan coins come in the following denominations starting with the highest denomination to the lowest: 1000, 500, 100, and 50.
Paraguayan Bank notes available
The Paraguayan Guarani notes come in the following bank notes starting from the highest value notes to the least value 100, 000, 50,000, 20, 000, 10,000, 5,000 and 2,000.
These notes and coins are the culmination of various policy changes in the country. These changes have, over the years, seen the introduction of different denominations of notes and coins in the country.
There are no currency Import regulations on this currency. The same applies to Currency Export regulations; there are no restrictions on this local currency in the country and beyond.
When the dictator Alfredo Stroesso ruled the
country, this currency was pegged to the US dollar at a rate the rate of 128
PYG to 1 USD as earlier mentioned. However, by the 1990's the Guarani was
allowed to float freely. This led to the plummeting of the currencys value to
2,726.5 PYG to the dollar in 1998. As of September 2016, the PYG had plummeted
to become one of the lowest value currencies in the Americas.
The Guarani was introduced in 1943 at a rate of 100 pesos: 1 Guarani. It was pegged to the USD at 126 Guarani: 1 USD.
Send Money Transfer to Paraguay. Coins are available in denominations of 50, 100, 500 & 1,000 guaraníes. Banknotes are available in denominations of 2,000, 5,000, 10,000, 20,000, 50,000 & 100,000 guaraníes. Bank Exchange Rates for Paraguayan Guaraní. The foreign exchange rates for Paraguay also known as the ISO code PYG. Send money transfer online with us with the cheapest options.