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Through Resolution No. 5, Act No. 24 dated June 12, 2025, the Board of Directors of the Central Bank of Paraguay amended articles of the Regulation on Foreign Exchange Forward Market Operations, approved by Resolution No. 18, Act No. 2 dated January 12, 2023 (the “Regulation”).

The amendment affects Article 5 of the Regulation, which relates to the term of foreign exchange forward operations. Previously, Article 5 established that “the term of a foreign exchange forward operation may not exceed thirty-six (36) months“the term of a foreign exchange forward operation shall be agreed upon by the parties involved”.el plazo de una operación Forward de Divisas será acordado entre las partes involucradas«.

Through Resolution No. 2, Minute No. 21, dated May 22, 2025 (the “Resolution”), the Board of Directors of the Central Bank of Paraguay resolved to delegate to the Superintendency of Securities (“SIV”) various powers related to the authorization and supervision of market participants in the securities sector.

Pursuant to the Resolution, the SIV is expressly authorized to grant operating licenses to issuers, external auditors, credit rating agencies, clearinghouses, securitization companies, bondholders’ representatives, commodity brokers, stock and trading desk operators, and investment advisors.

In addition, the SIV is granted the authority to approve the internal regulations of Stock and Commodity Exchanges, Central Securities Depositories, and Clearinghouses.

Through Circular SB.SG. No. 84 dated May 27, 2025, the Superintendency of Banks (“SIB”) reminded exchange offices of their legal obligation to notify the opening or closure of branches, agencies, and auxiliary offices at least 30 days in advance, in accordance with Article 22 of Law No. 2794/05 “On Foreign Exchange Entities and/or Exchange Offices”.

In the case of openings, the notification must be accompanied by a sworn statement in which the entity expressly declares that it complies with all the requirements established by the applicable regulations.

Finally, the SIB warns that failure to comply with these provisions may result in the imposition of sanctions pursuant to the regime set forth in Chapter VIII of Law No. 489/95 “Organic Law of the Central Bank of Paraguay” as amended by Law No. 6104/18 “Which amends and expands Law No. 489/95”.

The National Forestry Institute (“Infona”) presented the first draft of the National Forestry Policy (the “NFP”), a strategic planning instrument that seeks to promote a sustainable, inclusive and competitive forestry development model in Paraguay that combines responsible forestry production with forest conversation and restoration.

With sustainability, equity and innovation as guiding principles, the NFP is structured around seven main strategies: (i) forest information and quality; (ii) integrated forest management; (iii) establishment of forest plantations; (iv) competitiveness of forest industries; (v) forest technology development and strengthening; (vi) legal and institutional strengthening; and (vii) financing for sustainable forest development. These strategies seek a comprehensive approach, with several goals in each of them, incorporating actions such as environmental monitoring, incentives for sustainable production, access to climate finance, promotion of innovative technologies, participation of local and indigenous communities, and improvement of infrastructure and production chains.

The NFP foresees a monitoring cycle with annual evaluations and five-year reviews to measure the degree of implementation and identify necessary adjustments.

As part of the drafting stage of the NFP, Infona has created a space for the reception of comments and suggestions, which can be sent to politicaforestal@infona.gov.py or using the form at the following link. Comments and suggestions will be received until June 30, 2025.

The NFP draft is available at the following link.

The Ministry of Public Works and Communications (Ministerio de Obras Públicas y Comunicaciones or “MOPC”) has launched International Public Tender No. 09/2025 (ID 469514) for the design and construction of the new General Hospital of San Estanislao, in the department of San Pedro. This landmark project aims to improve healthcare access in the northern region of the country, benefiting populations in the departments of San Pedro, Concepción, Amambay, and Canindeyú.

Project Value and Financing

The project, financed by the Inter-American Development Bank (IDB), has an estimated value of USD 60 million, of which USD 30.25 million will be allocated to the design, construction, and maintenance of the infrastructure.

Offer Submission Deadline

Interested companies must submit their bids by August 4, 2025. The deadline for submitting inquiries is July 29, 2025. A site visit is scheduled for May 27. All dates are subject to change by the contracting authority (MOPC).

Project Details

The hospital will include:

• 189 hospital beds: 157 for general hospitalization and 32 for intensive care.
• Emergency services, operating rooms, gynecology and obstetrics, inpatient wards, intensive care, outpatient services with 31 consulting rooms, laboratories, diagnostic imaging, administrative areas, accommodation facilities, parking, green spaces, and a helipad.

The MOPC will oversee the bidding process, construction, and supervision, while the Ministry of Public Health and Social Welfare (Ministerio de Salud Pública y Bienestar Social or “MSPBS”) will be responsible for equipping the facility and strengthening healthcare services.

Execution and Contract

The contract will follow the 2017 FIDIC Yellow Book model, an international standard that places responsibility for both design and construction on the contractor. The projected timeline is 30 months (6 for design and 24 for construction), followed by an additional 18 months of maintenance after provisional handover.

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For further information, please contact: Rodolfo G. Vouga (rgvouga@vouga.com.py); Manuel Acevedo (macevedo@vouga.com.py); Silvia Benítez (sbenitez@vouga.com.py); Lucas Rolón (lrolon@vouga.com.py); Yvo Salum (ysalum@vouga.com.py).  

El Ministerio de Trabajo, Empleo y Seguridad Social (MTESS) emitió la Resolución N° 398/2025 (la “Resolución”) en abril de 2025, a través de la cual se modifica el inciso a) del apartado 4.2 del Anexo I de la Resolución MTESS N° 346/2024. Dicha normativa regula el Manual de Procedimiento de Inspección y Fiscalización Laboral, y deja sin efecto resoluciones anteriores en materia de inspecciones.

La modificación tiene por objeto ajustar el circuito administrativo del Informe Final de Inspección, particularmente en los casos en que los inspectores no detecten irregularidades o no puedan confirmar los hechos que motivaron la orden de fiscalización.

En adelante, los inspectores deberán remitir el Informe Final de Inspección al Director General de Inspección y Fiscalización (DGIF) y/o al Director de Fiscalización Laboral, con una propuesta fundada de archivo del expediente, acompañada de los antecedentes documentales.

La DGIF verificará las actuaciones inspectoras y remitirá los antecedentes a la Dirección General de Asesoría Jurídica (DGAJ) para dictamen. En caso de que la DGIF no considere procedente el archivo, deberá justificar su decisión mediante un informe, que también será remitido a la DGAJ.

Finalmente, la Máxima Autoridad Institucional del MTESS (Ministra o Ministro) será quien determine si corresponde o no el archivo del expediente. Si corresponde, se emitirá una providencia de archivo. En caso contrario, se dispondrá mediante providencia qué diligencias adicionales deberán realizarse, devolviéndose el expediente a la DGIF para continuar el trámite.

Este contenido tiene únicamente fines informativos generales y no debe ser considerado como asesoría legal puntual. Si precisa asesoramiento específico no dude en contactarnos.

Through Resolution No. 12, Minutes No. 15, dated April 10, 2025, the Board of the Central Bank of Paraguay (“BCP”) resolved that brokerage firms will become Direct Participants in the Real-Time Gross Settlement System (LBTR) and the Securities Depository System (DEPO/X), effective as of March 31, 2027.

Currently, brokerage firms operate as Indirect Participants in the Paraguayan Payment System (SIPAP) through services provided by third parties. However, with this change, they will be directly integrated into the LBTR and DEPO/X systems.

In this regard, the BCP will establish the implementation schedule to ensure an orderly transition in accordance with the technical and operational requirements to be defined. Until the effective date, brokerage firms will continue to operate as Indirect Participants.

Through Resolution No. 7, Minute No. 11, dated March 13, 2025 (the "Resolution"), the Central Bank of Paraguay established new caps on the fees applied for payment intermediation services made through credit or debit cards. This measure aims to align the Paraguayan market with international practices and promote financial inclusion.

According to the Resolution, the new limits will be applied gradually:

1. From July 1, 2025, the maximum fee will be 4% for credit cards and 3% for debit cards.
2. As of July 1, 2026, these caps will be reduced to 3% for credit cards and 2% for debit cards.

The decision is based on a technical analysis that identified current rates as being above regional standards. The reduction in commissions seeks to benefit businesses, especially small ones, by allowing them to access to electronic payment methods at lower costs, which could translate into more competitive prices for consumers.

Through Resolution No. 6, Minute No. 11, dated March 13, 2025, the Central Bank of Paraguay (“BCP”) introduced amendments to Article 20 of Resolution No. 43, Minutes No. 95, dated December 30, 2015, which regulates the collection of intermediation fees on debit and credit card transactions.

With this modification, issuing entities and/or operators must publish all intermediation fees applied to affiliated merchants on their websites, distinguishing between debit and credit card transactions. This information must be presented in a matrix that categorizes transaction amounts and average payment receipt values (tickets) and will be distinguished by type of card, whether debit or credit. Additionally, entities are required to continuously update the information on the fees charged, ensuring that merchants and the public have access to up-to-date and accurate data.

Furthermore, BCP will establish the maximum rate applicable to intermediation fees. It is clarified that this maximum rate encompasses the total sum of all intermediation fees charged during the payment process, regardless of the functions or means used by the entities involved. However, additional fees may be applied for services other than electronic payment intermediation, such as business management, fund flow administration, or data analysis, provided that acquiring these services is not mandatory to access intermediation services.

Issuing entities and/or operators must submit their fee policies applicable to affiliated merchants to the central bank within the first half of January each year. These policies must include at a minimum: (i) a technical justification for the applied fees or reasons for modification; (ii) a technical study supporting any variations; (iii) a description of the services provided; and (iv) a breakdown of fixed and variable costs, specifying the calculation methodology and the distribution of costs among fees, operators, and merchants within their respective networks.

Through Resolution No. 3, Minute No. 16, dated April 15, 2025, the Board of Directors of the Central Bank of Paraguay ("BCP") authorized banking and financial institutions to purchase, hold and sell debt securities in foreign currency, issued by national governments and foreign financial institutions, provided such securities have an investment-grade credit rating granted by at least two of the following rating agencies: Fitch Ratings, Moody's or Standard & Poor's.

The regulation sets a global limit of up to 20% of each institution’s effective equity for holding these financial instruments. Furthermore, it establishes that, for the purpose of calculating capital adequacy indicators, investments in these instruments must be classified according to the risk rating of the issuing country, based on the weighting table defined in the same resolution: