The Central Bank of Paraguay has presented a book documenting the institution’s role in Paraguay’s move to investment grade, framing the outcome as the result of long-running institutional modernization and macroeconomic policy continuity rather than a new policy announcement. The publication, titled “From the process of strengthening economic institutions to investment grade: the role of the Central Bank of Paraguay through the eyes of its presidents,” traces the development of the country’s economic institutional framework from the late 1980s to the current macroeconomic regime, which it links to Moody’s recent investment-grade recognition. The book compiles reflections from current and former central bank leaders on the main reforms that underpinned that trajectory. These include the central bank’s autonomy under the 1992 Constitution, crisis-driven financial-sector reforms in the 1990s, the move to risk-based supervision, adoption and consolidation of inflation targeting, modernization of the payments system including the creation of the Payment System of Paraguay, and further work on monetary policy instruments, capital markets regulation, payments oversight and financial inclusion. The publication closes by presenting investment grade as a starting point that raises expectations for Paraguay’s economic management rather than an endpoint.
Central Bank of Paraguay2025-12-04
Central Bank of Paraguay presents book on institutional strengthening and the path to investment grade
The Central Bank of Paraguay has presented a book reviewing how institutional reforms and macroeconomic policy helped Paraguay reach investment grade. The publication links that outcome to the bank’s autonomy, supervisory and monetary policy reforms, and payments-system modernization. It presents investment grade as the result of a long reform process and a basis for higher policy standards going forward.