Paraguayan Guarani

As of August 2015, one U.S. dollar is equal to about 6,000 Paraguayan guaraníes. The guaraní is the official currency of Paraguay, and has been since Paraguay gained independence from Spain in 1811. The guaraní is named after the guaraní people, who inhabited the region that is now Paraguay before the arrival of the Spanish. The guaraní was originally pegged to the silver peso, and then to the Argentine peso. In 1943, the guaraní was pegged to the U.S. dollar, where it remained until 1962. In that year, the guaraní was devalued and pegged to the Brazilian cruzeiro. When the cruzeiro was replaced by the Brazilian real in 1994, the guaraní was once again pegged to the U.S. dollar. In 2000, Paraguay adopted a new currency, the guaraní fuerte (strong guaraní), which was worth 1,000 guaraníes. The guaraní fuerte was short-lived, however, and was replaced by the guaraní in 2008. The guaraní is currently the least valued currency in South America.