From a report by the Bank of Guatemala:

The Monetary Board took into account when making its decision: a. In the external environment there is continues to be a recovery in advanced economies which is weaker than expected and in emerging and developing market economies downside risks prevail.

Also taken into account were the projections for international prices of raw materials which remain below levels of the previous year, but it was noted that international oil prices registered an upward trend.

Read full report (in spanish).