Countries › Paraguay › Guide › 5. FX and capital controls › The FX market in Paraguay: a free market, the BCP reference rate and who may deal in foreign currency
The FX market in Paraguay: a free market, the BCP reference rate and who may deal in foreign currency
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Last verified: 2026-10-28 · Status: Stable
Paraguay's exchange rate is set freely by the parties in the Mercado Libre de Cambios, and any person may buy or sell foreign currency there. The Banco Central del Paraguay executes exchange policy, regulates international exchange operations, holds reserves to keep that free market orderly and publishes a daily reference rate built from interbank spot trades. Dealing in foreign currency as a business needs BCP authorization: banks, finance companies, licensed exchange houses and licensed street brokers, all of them anti money laundering obligated subjects.
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 rate regime | Free market rate agreed by the parties; BCP intervenes with reserves only to keep the market orderly Ley 2794/2005 art. 55; Ley 489/95 art. 61 (Ley 6104/2018), as of 2026-10-28 · in force |
|---|---|
| BCP reference rate, guaraníes per US dollar (28 Oct 2026) | 5868.31 PYGBCP reference rate methodology, Resolución Nº 3, Acta Nº 31, as of 2026-10-28 · in force |
| BCP reference rate, guaraníes per Argentine peso (28 Oct 2026) | 3.82 PYGBCP daily planilla, as of 2026-10-28 · in force |
| Who may buy foreign currency | Any person, at a freely agreed rate Ley 2794/2005 art. 55, as of 2026-10-28 · in force |
| Daily cap per operation for licensed exchange brokers (corredores de cambios) | 10000 USDLey 2794/2005 art. 79, as of 2026-10-28 · in force |
The rule
1. Free exchange market and free rate. Exchange operations are carried out in the Mercado Libre de Cambios, made up of the entities authorized to operate in the exchange market; any person may carry out exchange operations, and the exchange rate is whatever the parties freely agree according to supply and demand. Exchange operations include buying and selling foreign currency and, in general, any act that creates, modifies or extinguishes an obligation payable in foreign currency, even without a transfer of funds across the border; exchange operations made abroad to be performed in Paraguay are governed by Paraguayan law. The free market handles foreign currency from exports and imports of goods and services and from capital movements.
Cost to do it: No fee or permit to buy or sell foreign currency as a customer; the price is the dealer's quoted rate, which the law leaves to supply and demand.
Example: A company buying US$100,000 to pay a foreign supplier pays whatever its bank quotes; at the BCP reference rate that is PYG 586,831,000 before the bank's spread. / US$100,000 bought at a freely negotiated rate, no exchange form, quota or approval.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 55, 56 and 58, 2005-12-05 official text · verified 2026-10-28
Cost to do it: No fee or permit to buy or sell foreign currency as a customer; the price is the dealer's quoted rate, which the law leaves to supply and demand.
Example: A company buying US$100,000 to pay a foreign supplier pays whatever its bank quotes; at the BCP reference rate that is PYG 586,831,000 before the bank's spread. / US$100,000 bought at a freely negotiated rate, no exchange form, quota or approval.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 55, 56 and 58, 2005-12-05 official text · verified 2026-10-28
2. Central Bank role. The BCP takes part in formulating exchange policy and is responsible for executing it; its Board executes monetary, credit and exchange policy, sets the instruments for it and issues the regulations on international exchange operations. Banks, finance companies, other credit entities and exchange houses are supervised by the Superintendencia de Bancos. International reserves are exclusively for keeping transactions in the free exchange market normal, overcoming temporary balance of payments difficulties and preserving the external value of the guaraní.
Cost to do it: None for market users; BCP intervention costs are borne by the BCP.
Example: When the BCP sells dollars from reserves it does so to keep the free market orderly, not to defend a fixed parity. / There is no official peg: the guaraní floats against the US dollar.Ley Nº 489/95 Orgánica del Banco Central del Paraguay, as amended by Ley Nº 6104/2018, Art. 4 literal a), 19 numerals 2 and 11, 31 literal a) and 61 (texts as reworded by Ley 6104/2018 art. 1), 2018-07-03 official text · verified 2026-10-28
Cost to do it: None for market users; BCP intervention costs are borne by the BCP.
Example: When the BCP sells dollars from reserves it does so to keep the free market orderly, not to defend a fixed parity. / There is no official peg: the guaraní floats against the US dollar.Ley Nº 489/95 Orgánica del Banco Central del Paraguay, as amended by Ley Nº 6104/2018, Art. 4 literal a), 19 numerals 2 and 11, 31 literal a) and 61 (texts as reworded by Ley 6104/2018 art. 1), 2018-07-03 official text · verified 2026-10-28
3. Daily reference rate. The BCP reference rate for the US dollar is the weighted average of interbank spot operations between 8:30 and 13:00 on the business day; other currencies are derived by arbitrage between their international quotations and the guaraní dollar reference rate. Before 3 August 2020 the reference rate was the average of spot operations of US$50,000 or more by banks, finance companies and exchange houses with non financial clients. The BCP page cites Resolución Nº 3, Acta Nº 31 as the basis of the method and warns that published figures may change with corrections reported by banks.
Cost to do it: Free to consult; the reference rate is a benchmark, and actual trades carry each dealer's spread.
Example: Planilla of 28 October 2026: PYG 5,868.31 per US dollar, PYG 6,534.36 per euro, PYG 1,094.92 per Brazilian real and PYG 3.82 per Argentine peso. / US$1,000 equals PYG 5,868,310 at the reference rate before spread.Banco Central del Paraguay, reference rate methodology (Resolución Nº 3, Acta Nº 31), Methodology note on the daily planilla, 2020-08-03 official text · verified 2026-10-28 · changed: The reference rate moved from a client market average (operations of US$50,000 or more) to the interbank spot weighted average from 3 August 2020.
Cost to do it: Free to consult; the reference rate is a benchmark, and actual trades carry each dealer's spread.
Example: Planilla of 28 October 2026: PYG 5,868.31 per US dollar, PYG 6,534.36 per euro, PYG 1,094.92 per Brazilian real and PYG 3.82 per Argentine peso. / US$1,000 equals PYG 5,868,310 at the reference rate before spread.Banco Central del Paraguay, reference rate methodology (Resolución Nº 3, Acta Nº 31), Methodology note on the daily planilla, 2020-08-03 official text · verified 2026-10-28 · changed: The reference rate moved from a client market average (operations of US$50,000 or more) to the interbank spot weighted average from 3 August 2020.
4. Authorization to deal in foreign currency. No person or entity, public or private, national or foreign, may operate in the Mercado Libre de Cambios as a business without prior and express BCP authorization. Exchange houses may buy, sell and exchange foreign banknotes, buy and sell foreign currency by transfers, buy and sell precious metals and stones, and send and receive transfers and payment orders, but may not take deposits, borrow from financial institutions, grant loans or guarantees. Licensed exchange brokers (corredores de cambios) may only trade for their own account, in cash, in authorized public areas, up to the equivalent of US$10,000 a day. Unlicensed habitual dealers are sanctioned under Ley 1015/97, and street dealers caught outside authorized zones forfeit all the currency and goods they carry.
Cost to do it: Using a licensed dealer costs only its spread. Operating as an exchange house needs a BCP licence and minimum capital (see the exchange houses page).
Example: A visitor changing PYG 5,868,310 into dollars at a licensed exchange house gets an official receipt for each operation (art. 42 num. 3). / A licensed street broker may not exceed the equivalent of US$10,000 a day.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 5, 41, 43, 44, 79, 83 and 87, 2005-12-05 official text · verified 2026-10-28
Cost to do it: Using a licensed dealer costs only its spread. Operating as an exchange house needs a BCP licence and minimum capital (see the exchange houses page).
Example: A visitor changing PYG 5,868,310 into dollars at a licensed exchange house gets an official receipt for each operation (art. 42 num. 3). / A licensed street broker may not exceed the equivalent of US$10,000 a day.Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios, Art. 5, 41, 43, 44, 79, 83 and 87, 2005-12-05 official text · verified 2026-10-28
5. Anti money laundering duties of FX dealers. Banks, finance companies and exchange houses are obligated subjects under the anti money laundering law: they must apply customer due diligence including beneficial owner identification and, where relevant, the origin of funds, record every domestic and international operation with amounts and currency, keep records for five years and report suspicious operations of any amount to SEPRELAD.
Cost to do it: No direct fee; expect documentation requests (identity, beneficial owner, source of funds) before large conversions or transfers.
Example: Before converting PYG 586,831,000 into dollars, a bank may ask the company for its beneficial owners and the origin of the funds. / A US$100,000 conversion is recorded with amount and currency and the records are kept five years.Ley Nº 1015/97, art. 13 as amended by Ley Nº 6960/2022 and art. 14 to 19 as amended by Ley Nº 6497/2019, Art. 13 literals a), b) and d); art. 14, 15, 17, 18 and 19, 2022-07-15 official text · verified 2026-10-28
Cost to do it: No direct fee; expect documentation requests (identity, beneficial owner, source of funds) before large conversions or transfers.
Example: Before converting PYG 586,831,000 into dollars, a bank may ask the company for its beneficial owners and the origin of the funds. / A US$100,000 conversion is recorded with amount and currency and the records are kept five years.Ley Nº 1015/97, art. 13 as amended by Ley Nº 6960/2022 and art. 14 to 19 as amended by Ley Nº 6497/2019, Art. 13 literals a), b) and d); art. 14, 15, 17, 18 and 19, 2022-07-15 official text · verified 2026-10-28
| Currency | PYG per unit | Source |
|---|---|---|
| US dollar | 5,868.31 | BCP planilla |
| Euro | 6,534.36 | BCP planilla |
| Brazilian real | 1,094.92 | BCP planilla |
| Argentine peso | 3.82 | BCP planilla |
| Uruguayan peso | 146.51 | BCP planilla |
| Chilean peso | 5.99 | BCP planilla |
BCP reference rates, 28 October 2026 (guaraníes per unit)
Worked example
- Paying an import of US$250,000: the importer asks two banks and a licensed exchange house for quotes, takes the best, and pays about PYG 1,467,077,500 at the 28 October 2026 reference rate plus the chosen dealer's spread; no exchange declaration, BCP approval or waiting period applies, though the dealer runs its due diligence.
Step by step
- 1. Check the BCP daily planilla for the reference rate as a benchmark.
- 2. Ask your bank or a BCP licensed exchange house for a firm quote; the rate is negotiable (Ley 2794 art. 55).
- 3. Provide the due diligence documents the dealer requests (identity, beneficial owner, source of funds).
- 4. Keep the dealer's official receipt or bank confirmation for accounting and tax support.
- 5. Use only BCP licensed dealers: check the Superintendencia de Bancos list before using an exchange house or street broker.
Common traps
- The BCP reference rate is not a dealing rate; banks and exchange houses quote their own buy and sell prices.
- Unlicensed money changers are common in border towns; dealing with them exposes the customer to anti money laundering risk and the dealer to forfeiture (Ley 2794 art. 44 and 87).
- Exchange houses cannot hold deposits or lend (Ley 2794 art. 43); treasury balances belong in a bank.
- Ley 2794 calls any obligation payable in foreign currency an exchange operation (art. 56), so the BCP may require written reports on specified operations (art. 57).
Sources
- Ley Nº 2794/2005 De entidades cambiarias y/o de casas de cambios (BACN)
- Ley Nº 6104/2018 amending Ley Nº 489/95 Orgánica del Banco Central del Paraguay (BACN)
- Banco Central del Paraguay, cotización referencial diaria
- Ley Nº 6960/2022 amending Ley Nº 1015/97 art. 13 (BACN)
- Ley Nº 6497/2019 amending Ley Nº 1015/97 (BACN)
Related pages
- fx/fx-and-capital-flows
- fx/exchange-houses-and-fx-brokers
- fx/foreign-currency-contracts-and-accounts
- finance/capital-markets-banking-and-credit
- regulation/regulation-essentials
- macro/economy-at-a-glance
- /country/paraguay/
- /calendar/
- Live dashboard
- https://theargentinethread.com/guide/
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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