The deadline for registering monetary credit grantors / credit entities is extended to March 31, 2021

The Central Bank of Paraguay released Resolution No. 7, Minutes No. 78 at the end of last year, whereby natural and legal persons who routinely grant money loans from their own resources, or financing methods that do not involve receiving deposits from third parties, are included as subjects of Act No. 861/96 “General Law governing Banks, Financial Institutions and Other Credit Entities” and amendments thereof.

As a first step, the Registry of Monetary Credit Grantors / Credit Entities was established to maintain a record of all natural and legal persons granting credits from their own resources, being registration mandatory to carry out such activities.

Initially, this registration term expired on June 30, 2020. However, the Central Bank of Paraguay has extended the same until March 31, 2021, through Resolution No. 5, Minutes No. 24, of this year.

Starting April 1, 2021, only natural and legal persons registered in the Registry of Monetary Credit Grantors / Credit Entities will be authorized to be engaged in activities that involve loan granting with own resources not including deposit taking, throughout the Paraguayan territory.