New President at Banguat

The current Superintendent of Banks of Guatemala, Edgar Barquin, will take over the presidency of the Central Bank of Guatemala on Friday.

Thursday, September 30, 2010

Barquin is a CPA, auditor, attorney, notary and was one of the creators of Guatemala president Alavaro Colom´s economic plan. He will replace Maria Antonieta Del Cid de Bonilla.

According to prensalibre.com, Banguat currently is responsible for keeping inflation under control as well as implementing monetary, currency exchange and credit policies."

More on this topic

Banguat Leading Rate Rises to 5%

July 2011

The Bank of Guatemala has increased the monetary policy leading interest rate from 4.75% to 5.00% taking effect from 28 July.

In its analysis, the Monetary Board took into consideration that the global economy is continuing to expand, albeit at a slower pace than expected.

International Reserves Grow in Guatemala

July 2011

The current amount would pay the country’s entire national debt.

The country's strong economic performance, the increase in remittances and a rise of almost 20% in exports has allowed the growth of international reserves, an important macroeconomic indicator which measures the country's payment capacity.

Guatemala: Banguat Authorized to Sell More Dollars

October 2009

Banguat is now authorized to sell up to $32 million a day; previously, it could offer only 24.

The measure, approved by the Monetary Board (Junta Monetaria), intends to give Banguat, the Central Bank of Guatemala, greater flexibility to control the depreciation of the Quetzal versus the Dollar.

Pressure Against the Quetzal Continues

March 2009

The Banguat continued its intervention in the foreign exchange market by selling $34.9 million to stop the devaluation of the Quetzal.

Pressures against the quetzal could be a product of the decision taken in December by the Monetary Board and the Bank of Guatemala to loosen the rules of participation and the reduction in bank reserves which generated greater liquidity in the local currency that was channeled toward purchasing foreign currency, according to some analysts.

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