The council of ministers met with members of the Central Bank of Paraguay, who presented the project of modernization money.
"This project involves removal of zeros from the currency denomination of our country. This process must have an appropriate framework for the bill, but that does not, under any aspect, reducing the purchasing power of the Paraguayan currency, "he said after the meeting the Minister of Justice and Labor, Humberto Blasco.
Secretary of State indicated that the government will begin in the next days a series of contacts with sectors such as media, business, political and technical, so as to present the plan and provide a thorough understanding of plan you plan to implement.
"The objective of the Central Bank of Paraguay is to facilitate the use of money, transfer, use the volume of money, considering that this application is a tendency to level all of America and most of the world," said Blasco.
He noted that three zeros be removed and change the name of our currency, which will be renamed "New Guarani."
He said that according to studies and once the project is approved, there is an estimated period of three years for full implementation and change.
"It's going to socialize through the press, and social actors, then you have to submit to Congress a draft law, after the approval of the bill sets a deadline of three years to draw from ancient coin circulation and implement the new coin, with the new name Guarani, "said Secretary of State.
The project was presented by the head of the Central Bank of Paraguay, Jorge Corvalan, and key technicians of the parent bank.
Only in South America with six digits
According to the BCP, the redenomination plan seeks to eliminate three zeros from the Guarani to facilitate economic transactions in the country and will also serve to unify our currency in the form of present prices compared to owning other values of region in relation to the scope of the exchange rate (dollar).
They explained how the Central Bank, Paraguay is one of seven countries in the world have in their monetary cone banknotes in denominations of six digits or more, and only in South America, the fact that, among other things, difficult to understand the level of prices, wages and other aspects that make the local economy.
The request for approval to replace the current for a new ticket, with the same colors and features, with innovation that will Guarani preceded by the word 'new', and was deducted three zeros. Thus, of 5,000 tickets will be five new Guarani Guarani, the 10,000, ten, the 50,000, 50, and 100,000, 100 new Guarani. According to government officials who said the project has the backing of the Economic Team and the President gave his approval for implementation.