- The Asunción exchange recorded transactions of G. 27.3 trillion (or USD 4,407 million) between January and June 2026, only 0.8% below the level seen in the first half of last year.
- This recovery was possible thanks to 9.7% year-on-year growth in June transactions, after three consecutive months of decline. The impetus came mainly from the secondary market.
- For the second half, new drivers are expected, such as trading in digital CDs and the Investor Pass regime, as well as the scope for Treasury bond issuance to return.
The close of the first half of 2026 marked an encouraging recovery in exchange trading volumes in the country. The Asunción Stock Exchange (BVA) recorded transactions of G. 27.3 trillion (approximately USD 4,407 million at current exchange rates) in the first six months of 2026, now only 0.8% below the same period last year.
This result is reversing the slowdown seen in previous months. After 2025 closed with 17% growth in BVA volumes, the pace eased to 3.1% by the end of the first quarter, and the cumulative figure to May showed a 3% fall. In June 2026, exchange transactions totalled G. 5 trillion (some USD 835.5 million), the highest amount so far this year and 9.7% above June 2025 volume.
Total volume traded in June of each year (2023 to 2026)
Figures in billions of guaraníes
Source: Prepared with data from the BVA.
Looking at the breakdown by market, cumulative volume in new securities issuance stood 5.8% above the first half of 2025, thanks to the strong start to 2026.
Monthly results since March have still not matched the volumes seen a year earlier in the BVA primary market. The decline eased in June, however, with a 5.8% fall.
May still holds the highest monthly trading figure in this market, and June reached G. 628,871 million.
Volume traded in June of each year – primary market (2023 to 2026)
Figures in billions of guaranies
Source: Prepared with data from the BVA.
The presence of financial institutions raising funds on the exchange was again significant in June 2026, accounting for 47% of the volume of guaraní securities issued on the BVA. The figure rises to 78% if IDB Invest's participation is included, since those funds are subsequently channelled to financial institutions to provide credit to their clients.
The other sectors that issued local-currency securities during June 2026 were trade (17%), industry (4%) and services (1%).
As for dollar issuance, industry accounted for 69% of this market, services for 27% of trading volume, and real estate for 4%.
Breakdown of issuance by sector
Source: Prepared with data from the BVA.
The secondary market, that is, trading in securities already issued on the exchange, broke a run of four consecutive months of year-on-year decline, with monthly volume reaching G. 4.4 trillion, up 12.5% on the sixth month of last year.
Cumulative trading in this market reaches G. 23.3 trillion for the first half of 2026, a difference of only 1.7% against the same period last year.
Volume traded in June of each year – secondary market (2023 to 2026)
Figures in billions of guaraníes
Source: Prepared with data from the BVA.
Guaraní transactions were again the majority of exchange activity in June 2026, with a 71% share, a new high for the year so far. Dollar transactions made up the remaining 29%.
The secondary market represented 87.6% of trading volume, against 12.6% for the primary market; and bonds were the most traded instruments, at 96.1%, followed by shares (3.4%) and investment funds (0.5%).
New fronts to sustain growth
César Paredes, chairman of CADIEM Fondos, said that to sustain the upturn seen on the exchange in June this year, new fronts must be developed to drive investment growth.
Among the developments emerging from the BVA, the Caja de Valores del Paraguay (CAVAPY) and the brokerage firms, he mentioned immobilised and dematerialised CDs and the attraction of foreign capital through the Paraguay Investor Pass regime. The door also remains open for Treasury bond issuance to resume through the exchange.
He highlighted as a significant event of the half-year the successful issuance of securities by foreign investors under the “Investor Pass” regime, through CADIEM's intermediation. “We showed that the system works, because the legal team secured residency for the investor thanks to the document we issued from CADIEM,” said the executive.
On the project to dematerialise Certificates of Deposit (CDs), he announced that part of the trading in these instruments is expected to take place through the exchange, with significant potential for a rise in transactions. The return of Treasury bonds, meanwhile, continues to be hoped for within the market since —if it happens— it will have a positive impact both on the capital market's image and on trading volume.
Conditions are ideal for government securities to be issued again on the BVA, given the recent infrastructure advances achieved with the operation of the Caja de Valores del Paraguay (CAVAPY) and the contracting of the world-class Nasdaq and Montran platforms, with the openness this creates for attracting foreign capital as well.
It is also worth recalling the repeated recommendations from international rating agencies on the need to deepen the local capital market.
Outlook for the second half
On expectations for macroeconomic indicators in the second half of the year, César Paredes said the dollar could rally to some extent and that the Central Bank of Paraguay's (BCP) benchmark interest rate could see a couple of cuts, closing the year around 5% against the current 5.5%, given the low inflation levels seen in the country (2.1% year-on-year in June).
“The local (monetary policy) rate is more tied to the FED rate (the United States Federal Reserve). If the fall in fuel prices holds, there could be a further cut in the FED's interest rate,” said the economist.
He recalled in this regard that interest rates remain high in the system, despite some reductions in recent months. As evidence, banks are raising funds at 3 or 5 years with interest rates above 9%, whereas two months ago they were doing so above 10%, but at shorter terms.
He acknowledged that government arrears in paying suppliers dampened the mood both within the economic sectors and among consumers. The scale of the dollar's fall also added to this uncertain picture, which means “investment decisions are being postponed,” he said.
He added that the effect of recovering liquidity in the financial system is still being felt, which reduces the need to turn to the exchange for funds. This, he noted, explains for example the falling share of dollar transactions within the local exchange market, since there is a substantial supply of dollars as a result of exports.
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