Countries › Paraguay › Guide › 5. FX and capital controls › Setting up an exchange house in Paraguay: BCP licence, minimum capital and permitted operations

Setting up an exchange house in Paraguay: BCP licence, minimum capital and permitted operations

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Last verified: 2026-10-28 · Status: Stable

Running an exchange business in Paraguay needs prior BCP authorization under Ley 2794/2005, as an S.A. with registered shares and minimum paid in cash capital of PYG 2,000 million, updated yearly by CPI. Exchange houses may buy and sell foreign currency, precious metals and transfers, but cannot take deposits, borrow, lend or give guarantees, and must keep their long dollar position within 100 percent of net worth. Foreign investors are treated like nationals except for minimum capital; foreign exchange firms may open branches under the same rules.

USD figures use PYG 5,868.31 per US dollar, the Banco Central del Paraguay reference quotation for 28 October 2026 (daily planilla). Conversions are for orientation only.

Key facts

Exchange house minimum paid in cash capital (statutory base, CPI indexed yearly)	2000000000 PYGLey 2794/2005 art. 11, as of 2026-10-28 · in force
BCP deadline to decide an exchange house licence	3 monthsLey 2794/2005 art. 14, as of 2026-10-28 · in force
Maximum daily long FX position of exchange houses	100 % of net worthLey 2794/2005 art. 53, as of 2026-10-28 · in force
Daily cap per operation for licensed exchange brokers	10000 USDLey 2794/2005 art. 79, as of 2026-10-28 · in force

The rule

1. Licence and form. Nobody may operate in the Mercado Libre de Cambios without prior and express BCP authorization; exchange houses are organized as S.A.s with registered shares. The BCP decides within three months after the file is complete. Opening, closing or moving offices, reducing capital, amending bylaws, merging or dissolving also need prior authorization.
Cost to do it: Notary, registry and professional costs of an S.A. plus the capital below; no fixed licence fee is set in the law.
Example: A group planning an exchange house files bylaws, promoters' data and capital evidence with the BCP and waits up to three months after completion. / BCP decision deadline: three months from a complete file.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 5, 7, 10 and 14, 2005-12-05 official text · verified 2026-10-28

2. Minimum capital. Paid in cash capital must be at least PYG 2,000,000,000, of constant value and updated each year end by the CPI computed by the BCP; for new applicants the minimum is that amount plus accumulated CPI to the prior year. Net worth may never fall below the minimum, and any shortfall must be covered within the following six months. At least 10 percent of capital must be assigned to branches, agencies and auxiliary offices. Foreign investment gets equal treatment except for minimum capital; foreign exchange firms may open branches with permanent local capital.
Cost to do it: Statutory base PYG 2,000,000,000 (US$340,814), before CPI indexation since 2005; the current indexed figure is set by the BCP and was not verified.
Example: Base capital PYG 2,000,000,000 plus CPI updates. / Base about US$340,814 before indexation.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 8, 11, 19, 20, 22 and 27, 2005-12-05 official text · verified 2026-10-28

3. Permitted and prohibited operations. Exchange houses may buy, sell and exchange foreign banknotes, buy and sell foreign currency by transfers, trade precious metals and stones, send and receive transfers and payment orders without granting credit, trade cheques and traveller's cheques and accept cards; they may open bank accounts at home and abroad and must issue official receipts. They may not borrow from financial institutions, take deposits, give guarantees, lend, manage funds, or do any other business; breaching this can cost the licence.
Cost to do it: Compliance and audit costs; external audit results go to the Superintendencia de Bancos within 60 days of year end (art. 52).
Example: An exchange house can pay remittances to recipients but cannot lend them money. / No dollar deposit taking.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 41, 42 and 43, 2005-12-05 official text · verified 2026-10-28

4. Prudential rules. The daily long position in foreign currency may not exceed 100 percent of net worth (only audited profits count); any excess must be sold by the next business day. A legal reserve equal to 100 percent of capital is built with at least 20 percent of annual net profits. Profits may be distributed after the Superintendencia de Bancos opines, or 120 days after year end without opinion. The fiscal year is the calendar year.
Cost to do it: Capital tied up in reserves; 20 percent of profit retained until the reserve equals capital.
Example: With net worth of PYG 3,000,000,000, the long dollar position may not exceed about US$511,220. / Excess position sold by the next business day.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 29, 32, 53 and 54, 2005-12-05 official text · verified 2026-10-28

5. Street brokers. Exchange brokers are persons licensed by the BCP to trade habitually for their own account, only in cash, in authorized public areas, up to the equivalent of US$10,000 a day, carrying a numbered annual non transferable credential signed by the BCP President. They may not trade or advertise from premises or move to another city or zone without BCP authorization, and must record every operation with numbered receipts.
Cost to do it: BCP licence and annual credential renewal; the law sets no fee amount.
Example: A broker cannot open a shop or advertise from premises (art. 84). / Daily cap US$10,000.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 79, 83, 84, 85 and 88, 2005-12-05 official text · verified 2026-10-28

6. Anti money laundering. Exchange houses are obligated subjects: customer due diligence including beneficial owners, records of all operations kept five years and suspicious operation reports to SEPRELAD.
Cost to do it: Compliance officer and systems costs.
Example: An exchange house must refuse an operation if it cannot complete due diligence (art. 15). / Records kept five years.Ley Nº 1015/97 as amended by Ley Nº 6960/2022 and Ley Nº 6497/2019, Art. 13 literal d); art. 14 to 19, 2022-07-15 official text · verified 2026-10-28

Item	Requirement	Article
Form	S.A. with registered shares	10
Capital	PYG 2,000 million base, CPI indexed	11
Licence decision	3 months after complete file	14
Branches	10 percent of capital assigned	22
Legal reserve	100 percent of capital, 20 percent of profit yearly	29
FX position	Long position up to 100 percent of net worth	53
Audit	External audit to SB within 60 days	52
Records	Kept at least five years	66

Exchange house checklist (Ley 2794/2005)

Worked example

A regional remittance firm sets up a Paraguayan S.A., deposits at least the indexed minimum capital (base PYG 2,000,000,000, about US$340,814), files with the BCP and, after authorization, registers the company with a copy of the authorization and starts operations; until the reserve equals capital it retains at least 20 percent of yearly profit.

Step by step

1. Ask the BCP Superintendencia de Bancos for the current indexed minimum capital.
2. Prepare S.A. bylaws, promoters' fitness and solvency evidence and the business plan.
3. File the application with the BCP; decision within three months of a complete file.
4. Deposit the capital as the BCP instructs and incorporate.
5. Communicate the start date with the registration documents.
6. Set up anti money laundering compliance before the first operation.

Common traps

The PYG 2,000 million figure is a 2005 base: the actual requirement is higher after CPI indexation.
Doing anything outside art. 41 and 42 can cost the licence (art. 43).
Board changes must be notified within two business days (art. 38).
Unlicensed FX dealing is sanctioned under the anti money laundering law (art. 44).

Sources

Related: Paraguay country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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