The Paraguayan stock market experienced a notable slowdown in the first four months of 2026, with the Asunción Stock Exchange (BVA) recording operations totaling G. 17.7 trillion (approximately USD 2.817 billion), a 1% decrease compared to the same period in 2025, according to an analysis by brokerage firm Cadiem, as reported by Ultima Hora.
The decline follows a period of deceleration that began after 2025 closed with around 20% growth. In April 2026 alone, trading volume reached G. 4.3 trillion (about USD 723 million), down 12.2% from April 2025. This marked the second consecutive month of year-on-year contraction, following a 11.7% drop in March. The pace had already been slowing: January saw 17.2% growth, but February posted only 6%.
Elías Gelay, president of Cadiem Casa de Bolsa, attributed the reduced activity to specific factors: a recovery in liquidity in guaraníes, which reduced the need for banks to issue securities and seek funds through repurchase agreements, combined with a lack of clarity on the future direction of interest rates. “This year, the banking sector is not taking as many resources; it financed heavily last year. We are comparing with a year that started very dynamic,” Gelay warned, noting that bond issuances are long-term, spanning three to five years.
The uncertainty extends to the depreciation of the dollar, which has further dampened market dynamism. The report highlights that the slowdown was already evident in the first quarter, with the market reacting cautiously to both monetary policy signals and exchange rate movements.