Paraguay’s Asuncion Stock Exchange (BVA) has achieved a historic milestone, with trading volumes reaching Gs. 27 trillion – equivalent to approximately US$ 3.4 billion – during the first half of 2025. This represents a 26.7% increase compared to the same period last year, and reflects a growing appetite for capital market participation across sectors.
Importantly, this growth is not limited to numbers. It reveals a broader financial awakening in Paraguay, as both companies and individuals turn to the stock exchange as a viable and increasingly attractive platform for investment, financing, and long-term strategy.
Market growth driven by investor confidence
One of the most striking elements behind this stock exchange record is the role of the secondary market, which accounted for nearly 70% of total trades. This trend suggests a deepening trust in market liquidity and a shift away from merely holding assets toward actively trading them.
According to Fernando Gil, Commercial Manager at BVA, trading volumes consistently outperformed those of 2024 on a month-to-month basis. “April, May and June were our strongest months ever,” he noted in a statement to local media. Notably, this surge coincided with an influx of new issuers, particularly from the banking, cooperative, and pharmaceutical sectors.
A growing and diversified investor base
Paraguay’s investor community has grown rapidly. More than 37,000 individuals are now active in the stock exchange market, with 70% of them having entered since 2020. Compared to 2023, this represents a 65% increase – a clear sign that the public is embracing financial tools beyond traditional banking.
At the same time, companies are increasingly seeking market-based financing options. Several new issuers joined the exchange in 2025, and many more are preparing to follow. This momentum is reshaping how firms fund their growth and diversification efforts.
Competitive returns and infrastructure upgrades
Another key driver of market activity has been the availability of attractive yields. Guaraní-denominated securities currently offer returns near 9%, while dollar-based instruments yield around 6%. Maturities typically range between seven and eight years, indicating sustained interest in long-term commitments.
To support this growth, the Asunción Stock Exchange is modernising its infrastructure. A new trading platform powered by Nasdaq is being rolled out, while the Caja de Valores del Paraguay S.A. (CAVAPY) – a new entity for custody, settlement and compensation – is being introduced. These upgrades aim to improve market efficiency and establish connections with international clearing houses in the near future.
Public sector returns to the stock exchange
Looking ahead, a major change is expected as the Ministry of Economy and Finance (MEF) plans to resume Treasury bond placements through the BVA. These operations, which had previously been channelled through the Central Bank, are scheduled to return to the stock exchange beginning in September.
Additionally, new regulations will soon permit the trading of Monetary Regulation Letters (LRMs). This development will add new instruments for liquidity management and offer investors further diversification opportunities.
Paraguay’s capital market enters a new era
If current trends continue, BVA officials project that total trading volume could reach US$ 7 billion by the end of 2025. In the context of a national GDP of approximately US$ 47.4 billion, this is no small feat. It signals a shifting financial culture – one that is embracing transparency, modernisation, and long-term growth.
Paraguay’s stock exchange is no longer a passive institution. Instead, it has become a central pillar in the country’s economic development. With robust participation, new corporate issuers, and cutting-edge infrastructure, the BVA is positioning itself as a reliable and forward-looking financial hub – both regionally and globally.
Read more: World Bank To Invest US$2 Billion In Paraguay.
