|Frozen bovine meat|
|Mixed minerals or chemical fertilizers|
Paraguay, officially the Republic of Paraguay, is a landlocked country in central South America, bordered by Argentina to the south and southwest, Brazil to the east and northeast, and Bolivia to the northwest. Paraguay lies on both banks of the Paraguay River, which runs through the center of the country from north to south. Due to its central location in South America, it is sometimes referred to as Corazón de Sudamérica ("Heart of South America").
Paraguay's banking and financial services industry is still recovering from the liquidity crisis of 1995, when news of widespread corruption resulted in the closure of several significant banks. Reform efforts spurred by the International Monetary Fund (IMF) and World Bank helped restore some credibility to Paraguay’s banking industry. Still, a paucity of credit options hinders the overall economy. Paraguay has a long history as a money-laundering center. The government has taken steps to curb the problem, but enforcement of anti-laundering legislation remains inconsistent. Foreign companies either partially or wholly own most banks and financial institutions in Paraguay. Paraguayan banks hold less than 10 percent of deposits. Of the 16 banks operating in Paraguay in 2003, 50 percent were wholly foreign-owned and 25 percent were partially owned by foreign companies. Paraguay’s Central Bank exists to stabilize the financial sector, making sure that another run on banks, such as the one that occurred in 1995, does not recur. The Superintendencia de Bancos regulates the banking system, monitoring the percentage of non-performing loans in the banking system. Bank deposits rose significantly in 2004, along with the percentage of local currency in total deposits. Local currency deposits increased by 26 percent in 2004, a sign that Paraguayans are gaining confidence in the stability of Paraguayan currency. In another promising development, interest rates dropped dramatically in 2004, from 50 percent in 2003 to 27 percent in 2004.
|Agriculture||Cotton, sugarcane, soybeans, corn, wheat, tobacco, cassava, fruits, vegetables, eggs, milk & timber.|
|Manufacture||Sugar, cement, textiles, beverages, wood products, steel, base metals & electric power.|
|Services (Including financial)||61.9% (2013 estimate)|
|Banco Aleman Paraguayo||Banking|
|Gross Brown Estudio Juridico||Consulting|
|Frozen bovine meat|
|Mixed minerals or chemical fertilizers|
The Bolsa de Valores y Productos de Asunción (BVPASA) is a stock exchange located in Asuncion, Paraguay. The BVPASA was founded by the Cámara Nacional de Comercio y Servicios del Paraguay (National Chamber of Commerce and Services of Paraguay) on September 28 of 1977. After a long period without market activity, in 1991 the Law N° 94/91 of Paraguayan Stock Market was approved, setting legal requirements for the engagement of market operations. Paraguay's first stock market began trading in October 1993. There are 60 local companies traded on the exchange. All companies have a minimum paid-up capital of $50,000. However, the tradition of family ownership and almost universal practice of "double accounting" for tax evasion purposes places limits on the growth of a capital market. In 1998, the stock market handled approximately $10–15 million per a month in transactions. Paraguay is establishing its first futures market and expects to begin trading a foreign exchange contract within eight months, according to the Argentine clearing house which is helping establish the exchange. Argentina Clearing SA, the clearing house for Rofex, Argentina’s main market for trading dollar futures, and Primary, a leading service provider for exchanges and brokerages, have been working with BVPASA, Paraguay’s stock market, since 2006 and provide the electronic trading platform and settlement and clearing services.
The indigenous Guaraní had been living in Paraguay for at least a millennium before the Spanish conquered the territory in the 16th century. Spanish settlers and Jesuit missions introduced Christianity and Spanish culture to the region. Paraguay was a peripheral colony of the Spanish Empire, with few urban centers and settlers. Following independence from Spain in 1811, Paraguay was ruled by a series of dictators who generally implemented isolationist and protectionist policies.
Following the disastrous Paraguayan War (1864–1870), the country lost 60 to 70 percent of its population through war and disease, and about 140,000 square kilometers (54,054 sq. mi) of territory to Argentina and Brazil. Through the 20th century, Paraguay continued to endure a succession of authoritarian governments, culminating in the regime of Alfredo Stroessner, who led South America's longest-lived military dictatorship from 1954 to 1989. He was toppled in an internal military coup, and free multi-party elections were organized and held for the first time in 1993. A year later, Paraguay joined Argentina, Brazil and Uruguay to found Mercosur, a regional economic collaborative. As of 2009, Paraguay's population was estimated to be at around 6.5 million, most of whom are concentrated in the southeast region of the country. The capital and largest city is Asunción, of which the metropolitan area is home to nearly a third of Paraguay's population. In contrast to most Latin American nations, Paraguay's indigenous language and culture, Guaraní, remains highly influential. In each census, residents predominantly identify as mestizo, reflecting years of intermarriage among the different ethnic groups. Guaraní is recognized as an official language alongside Spanish, and both languages are widely spoken in the country.
Chaco war (1932 – 1935)
Chaco War, (1932–35), costly conflict between Bolivia and Paraguay. Hostile incidents began as early as 1928 over the Chaco Boreal, a wilderness region of about 100,000 square miles (259,000 square km) north of the Pilcomayo River and west of the Paraguay River that forms part of the Gran Chaco. The conflict stemmed from the outcome of the War of the Pacific (1879–84), in which Chile defeated Bolivia and annexed that country’s entire coastal region. Thereafter, Bolivia attempted to break out of its landlocked situation through the Río de La Plata system to the Atlantic coast; athwart that route lay the Gran Chaco, which the Bolivians thought had large oil reserves.
Bolivia seemed to enjoy overwhelming advantages over Paraguay: it had thrice the latter’s population, an army well-trained by the German general Hans von Kundt, and an ample supply of arms purchased by loans from American banks. But the morale of Bolivia’s army of Indian conscripts was low, and Paraguayans were better fitted to fight in the lowland swamps and jungles, in which many Bolivians died of disease and snakebite as well as gunfire. Both countries had maintained military posts in the disputed region. On Dec. 5, 1928, Paraguay initiated a series of clashes, which led to full-scale war in spite of inter-American arbitration efforts. Both belligerents moved more troops into the Chaco, and by 1932 war was definitely under way. In June the Bolivians seized Paraguayan positions in the northern Chaco and launched a successful attack in the central Chaco against Fortín Boquerón. In August Paraguay ordered mobilization and sent forces under General José Estigarribia in their first major offensive against Fortín Boquerón, which fell at the end of September. Kundt was recalled by Bolivia, and he concentrated his forces in the south to attack Fortín Nanawa, where there was heavy fighting for several months.
Paraguay formally declared war on May 10, 1933. Estigarribia launched a series of attacks along an extended front late in October and made such impressive gains that the Bolivian president Daniel Salamanca replaced Kundt with General Enrique Peñaranda. At the end of a three-week truce, Estigarribia renewed his drive (Jan. 9, 1934) against the Bolivian post of Ballivián, where from March to July the heaviest fighting of the war occurred. Ballivián fell on November 17, and Salamanca was forced to resign. Paraguay’s advance continued into indisputably Bolivian territory in January 1935. After Bolivian counterattacks put Paraguayan forces on the defensive, a truce was arranged on June 12, 1935. About 100,000 men lost their lives in the war. A peace treaty was arranged by the Chaco Peace Conference, which included Argentina, Brazil, Chile, Peru, Uruguay, and the United States. It was signed in Buenos Aires on July 21, 1938. Paraguay gained clear title to most of the disputed region, but Bolivia was given a corridor to the Paraguay River and a port (Puerto Casado). The war had caused disruption of the Bolivian economy, provoking demands for reform among the deprived Bolivian masses. Argentina was given the main credit for the settlement, and Argentine investors profited from Paraguay’s territorial gain.
In April 2009 Bolivian President Evo Morales and Paraguayan President Fernando Lugo signed an accord resolving the countries’ border dispute over the Chaco region that had resulted in the war. The leaders agreed that the war had been brought on by foreign interests.
The Guaraní (PYG) is the national currency unit of Paraguay. The Guaraní was divided into 100 céntimos but, because of inflation, céntimos are no longer in use. The law creating the Guaraní was passed on 5 October 1943, and replaced the peso at a rate of 1 Guaraní = 100 pesos. Guaraníes were first issued in 1944. Between 1960 and 1985, the Guaraní was pegged to the United States dollar at 126 PYG to 1 USD. In 1944, aluminum-bronze coins were introduced in denominations of 1, 5, 10, 25 and 50 centimos. All were round shaped. The obverses featured a flower with "Republica Del Paraguay" and the date surrounding it, except for the 50 centimos, which featured the lion and Liberty cap insignia. The denomination was shown on the reverses. The second issue, introduced in 1953, consisted of 10, 15, 25 and 50 centimos coins. All were again minted in aluminum-bronze but were scallop shaped and featured the lion and Liberty cap on the obverse. None of the céntimo coins circulate today.
In 1975, coins were introduced in denominations of 1, 5, 10 and 50 guaranies, all of which were round and made of stainless steel. Since 1990, stainless steel has been replaced by brass plated steel nickel-brass. 100 guaranies coins were introduced in 1990, followed by 500 guaranies in 1997. 1000 guaranies coins were minted in 2006 and released in 2007. The first Guaraní notes were of 50 céntimos, 1, 5, and 10 Guaraní over stamped on 50, 100, 500, and 1000 pesos in 1943. Regular Guaraní notes for 1, 5, 10, 50, 100, 500 and 1,000 Guaraní, soon followed. They were printed by De La Rue. The 1963 series (under the law of 1952) was a complete redesign. The lineup also expanded upward with the addition of 5000 and 10,000 guaraníes. This designed lasted for decades until inflation removed notes up to and including 500 guaraníes from circulation. The 1982 revision added denominations in the Guaraní language to the reverses.
The first 50,000 guaraníes notes were issued in 1990, followed by 100,000 guaraníes in 1998. During the last two decades of the 20th century, more than one printer printed Guaraní notes. Starting from 2004, the existing denominations, except 50,000 guaraníes, underwent small but easily noticeable changes, such as a more sophisticated and borderless under print and enhanced security features. Giesecke & Devrient print the new 20,000 Guaraní note, while De La Rue prints the rest. In 2009, the Central Bank launched the first 2,000 guaraníes polymer-made bills, which makes the notes more durable than the traditional cotton-fiber bills. New 50,000 guaraníes bills of series C have been printed with the date of 2005, but as they obviously reached circulation by criminal ways before being launched officially, this series has been declared void and worthless by the central bank and bills of series A and B where demonetized in 2012. A new 5,000 guaraníes note has been released. The 5,000 Guarani was put into circulation on January 14, 2013. This note has been printed by The Canadian Bank Note Company. Such security features include a see through window in the shape of a locomotive, a watermark of the portrait. However this note will still bear the portrait of Don Carlos Antonio Lopez, the reverse will also have the same design of Lopez's Palace. 10,000 as well as 20,000 notes are produced by Polish Security Printing Works.
|National Song||"Himno Nacional Paraguayo"|
|Currency||Paraguayan guaraní (PYG)|
|GDP / GDP Rank||64.405 Billion USD|
|GDP Growth Rate||3 Percent|
|GDP Per Captial||$9396.023 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Mestizo (Mixed Spanish And Amerindian) 95%
President – Mario Abdo Benítez
|Website||Go to the web|
|Public Debt||24.731 Percent|
|Unemployment Rate||5.437 Percent|
|Labor Force (Occupation)||-|