The Paraguayan capital market moved USD 4.407 billion in the first half of 2026, a volume just 0.8% lower than that recorded in the same period the previous year. The information was released by the president of the fund administrator CADIEM, César Paredes, during the presentation of a report on the period.
Paredes highlighted that, despite the slight cumulative decline, the month of June showed signs of recovery. Operations reached USD 835.5 million, the highest monthly amount of the year, representing a 9.7% growth compared to June 2025. This performance was primarily driven by the secondary market, breaking a sequence of three consecutive months of decline.
The president of CADIEM recalled that the beginning of the year was marked by a scenario of uncertainty, influenced by the official discourse on a "war economy," the drop in the value of the US dollar, and changes in the Ministry of Economy, with the resignation of Carlos Fernández Valdovinos and the appointment of Óscar Lovera to the position.
In the primary market, new bond issuances accumulated a growth of 5.8% in the semester, although monthly volumes remained below the previous year's records starting in March. In June, issuances in guaranís were dominated by financial entities, which accounted for 47% of the total, a percentage that rises to 78% when including operations from IDB Invest, the private sector arm of the Inter-American Development Bank.
Meanwhile, the secondary market, where already-issued bonds are traded, was the main driver of the June rebound, with a 12.5% increase in the volume of operations. For the semester, transactions totaled Gs. 23.3 trillion. Debt securities (bonds) accounted for the majority of trading, with 96.1% of the total volume.
For the second half of the year, market expectations are focused on initiatives such as the Investor Pass, aimed at attracting foreign capital, the integration of systems of the Caja de Valores del Paraguay (CAVAPY) with the Central Bank, and the resumption of Treasury bond issuances through the Asunción Stock Exchange (BVA).