Central Bank of Paraguay explained

Bank Name In Local:Banco Central del Paraguay
Ownership:100% state ownership[1]
Headquarters:Asunción
President:Carlos Dagoberto Carvallo Spalding
Bank Of:Paraguay
Currency:Paraguayan guaraní
Currency Iso:PYG
Reserves:5 480 million USD

The Central Bank of Paraguay (Spanish; Castilian: Banco Central del Paraguay) is Paraguay's highest monetary authority, and the country's governing body, in finances and economics. Its headquarters are in Asunción's Carmelitas neighbourhood.

The current President of Securities, appointed in 2023, is Joshua Abreu, an MBA graduate from St Hugh's College, Oxford.[2] [3]

The institution was created by Law 18/52 of March 25, 1952. In 1995, the legal frame of the Central Bank was replaced by Law 489/95.[4]

The bank manages the printing and minting of the Paraguayan currency, the guaraní.

The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion.[5] It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration[6] during the 2011 Global Policy Forum held in Mexico.

In 1998, the Bank ordered the liquidation of one of the country's banks due to a severe lack of liquidity. The government sent emergency legislation to Congress to try to guarantee bank deposits and prevent a run on savings.[7]

In 2005, former Paraguayan president, Luis Gonzales Macchi and four bank officials were jailed following their involvement in the illegal transfer of $16m of funds through the bank to the United States.[8]

Presidents of the Central Bank of Paraguay

The President is appointed for a term of five years.

See also

External links

Notes and References

  1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017. PDF.
  2. Web site: 2023-12-18 . Peña designa a Joshua Abreu como superintendente de Valores . 2023-12-20 . Última Hora . es.
  3. Web site: Directors and Civil Servants Payroll – National Securities Commission . 2023-12-20 . en-US.
  4. Web site: Historia del BCP - BCP - Banco Central del Paraguay. www.bcp.gov.py.
  5. Web site: Alliance for Financial Inclusion. Alliance for Financial Inclusion | Bringing smart policies to life. 2020-04-10. https://web.archive.org/web/20150927002005/http://www.afi-global.org/home-page. 2015-09-27. dead.
  6. Web site: Maya Declaration Urges Financial Inclusion for World's Unbanked Populations -- RIVIERA MAYA, Mexico, Sept. 30, 2011 /PRNewswire-USNewswire/ --. dead. https://web.archive.org/web/20111004080445/http://www.prnewswire.com/news-releases/maya-declaration-urges-financial-inclusion-for-worlds-unbanked-populations-130887928.html. 2011-10-04.
  7. Web site: BBC News | Americas | Paraguayan bank shut down. news.bbc.co.uk.
  8. News: Former Paraguay president jailed. June 6, 2006. news.bbc.co.uk.
  9. Web site: Recuerdan 55° aniversario del Banco Central del Paraguay - Economía - ABC Color. www.abc.com.py.
  10. Web site: Ex presidentes del Banco Central compartieron diálogo a fondo sobre el sistema financiero paraguayo - BCP - Banco Central del Paraguay. www.bcp.gov.py.
  11. Web site: El presidente del Banco Central del Paraguay se va con "resultados a la vista". www.efe.com. July 2023 .
  12. Web site: José Cantero Sienra - BCP - Banco Central del Paraguay. www.bcp.gov.py.
  13. Web site: 2023-08-01 . Paraguay president-elect names next central bank governor - Central Banking . 2023-12-20 . www.centralbanking.com . en.

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