Paraguay's Net International Reserves (RIN) remained at elevated levels throughout 2025 and the first half of 2026, with significant expansion in both absolute and relative terms. Data from the Central Bank of Paraguay (BCP) show that the total balance rose from $9,851.7 million in January 2025 to $11,000.8 million in December of the same year, an increase of $1,149.1 million, or 11.7%.
The 2026 trajectory maintained the positive trend, albeit with short-term fluctuations. In January, the RIN stood at $10,961.3 million and climbed to $11,719.6 million in March, the highest level in the series presented. Compared with January 2025, that peak represented an increase of $1,867.9 million, or 19.0%. The balance then retreated to $11,520.6 million in April and to $11,460.0 million in May. In the most recent data from June 2026, reserves came in at $11,459.8 million, virtually stable compared with the May close. Even so, relative to January 2025, the cumulative increase was $1,608.1 million, equivalent to 16.3%.
The dollar-denominated component continued to be the main pillar of the reserves. In January 2025, dollar assets totaled $8,612.2 million, or 87.4% of the total. In December 2025, they reached $9,112.6 million, an expansion of $500.5 million (5.8%). In June 2026, they hit $9,484.0 million, an increase of $871.8 million since January 2025, equivalent to 10.1%. The share of the total stood at around 82.8%, still dominant but lower than at the start of the series due to the growth of other components.
Within the foreign currency holdings, there was a rebalancing between cash positions and term deposits. Dollar demand deposits fell from $1,518.3 million in January 2025 to $1,502.7 million in June 2026, a decline of $15.6 million (1.0%). Dollar term deposits, meanwhile, rose from $7,093.8 million to $7,981.2 million over the same period, an expansion of $887.4 million (12.5%) that accounts for much of the growth in the foreign currency block.
Gold posted a notable performance, though with greater volatility. In January 2025, positions stood at $741.1 million; by December, they had climbed to $1,143.3 million, a gain of $402.2 million (54.3%). In February 2026, they reached $1,361.5 million, the series high. They then retreated to $1,206.5 million in May and to $1,093.6 million in the most recent June data. Despite the correction, the level still exceeded that of January 2025 by $352.6 million, with a cumulative variation of 47.6%.
Other reserve assets also gained weight. The "other" line item rose from $497.1 million in January 2025 to $740.2 million in December, an increase of $243.1 million (48.9%). In June of this year, it reached $868.6 million, representing an expansion of $371.5 million from the start of the series and relative growth of 74.7%.
The slight moderation after the March 2026 peak does not change the main takeaway: the RIN remain above $11,400 million and continue to serve as a relevant backstop for the country's external and financial stability.