Bank of Guatemala sells dollars

For the first time in at least two years, the Bank of Guatemala had to sell $4.1 million in the Electronic System for the Negotiation of Currency, in order to stop the rapid appreciation of the currency.

Friday, October 10, 2008

As of September 30, the exchange rate of reference was at Q7.47181, however in the first eight days of October is went up to Q7.58238 per US$1.
The sale of dollars by the central bank happened last Tuesday and the objective was reached. The exchange rate of reference published by the Bank dropped from Q7.58238 on Wednesday to Q7.56213 yesterday.

More on this topic

Guatemala: Quetzal Strengthens Against Dollar

July 2016

Strong growth of remittances and savings in the oil bill are two of the factors responsible for an increase in the supply of dollars which is putting downward pressure on its price against the quetzal.

Appreciation of the Guatemalan currency against the US currency is also due to lower demand for dollars in the local market, according to statements made by the president of the Bank of Guatemala to S21.gt. 

Guatemala: Quetzal Continues to Appreciate Against Dollar

January 2015

In order to moderate the decline in the dollar the Bank of Guatemala has made two interventions so far in 2015.

During 2013 the Guatemalan currency gained about 3% against the dollar, making exports less competitive. Due to the fact that the trend has continued, the Bank of Guatemala has started to apply the rule of exchange participation in order to moderate behavior of the currency.

Appreciation of Quetzal in Guatemala

October 2014

The increase in remittance income is the main factor that has led to the value of the local currency against the dollar rising to its highest level in the past two years.

While in other Central American countries local currencies have tended to lose value against the dollar, in Guatemala the strong flow of foreign exchange into the country has put upward pressure on the supply of dollars causing an appreciation of the quetzal, which was quoted on 5 October at Q7,63 to the dollar.

Guatemalan Quetzal On The Rise

March 2011

Investors are focusing on local currency due to its renewed value and the issuance of bonds at higher interest rates.

Elperiodico.com.gt outlines, "The Bank of Guatemala (Banguat), informed that payments in foreign currencies reached Q21.3 billion in December and Q23.0 billion during February, while payments in Quetzals went from Q106.2 billion to Q105.6 billion over the same period of time.

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