The article by L. Alvarez and V. Gudiel from Elperiodico.com.gt, states: "This appreciation is taking its toll on the entire export sector, which receives less Quetzales in foreign sales and which has dragged this on for 5 years, appreciating the exchange rate over 30 percent (after inflation) against the U.S. currency."
Central Bank authorities point out seasonal factors as the cause of the last variation by the exchange rate, indicating that during this time of the year earnings from overseas sales increase foreign exchange, putting downward pressure on the local price of the Dollar.
Other analysts point to structural factors in the system, which allow the manipulation of the exchange rate by large traders.
U.S. currency rose last week after having been at its lowest value for the last five years.
The upward trend that the dollar began showing last week against the quetzal, could continue in the coming months as it seems that factors that pushed the dollar down are no longer present in the Guatemalan economy.
Dollar purchases by the Central Bank have helped raise the value of the dollar against the quetzal.
The private sector expects increased competitiveness if the dollar continues to increase its value against the quetzal, as has happened in recent weeks.
This was noted by Sergio de la Torre, private sector representative at the Monetary Board of Banguat, who said that the appreciation being suffered by the Guatemalan currency against the dollar is making them less competitive compared to their trading partners.
Yesterday exchange rate was 8,16 quetzales, the highest on record since November 2001.
Guatemala's currency lost 4.6% of its value against the dollar in the first six months of the year. This process has been smooth in the last 2 months, not requiring stabilization intervention by the Banco de Guatemala (Banguat), whose last participation in the market was in April.
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