Pressure Against the Quetzal Continues

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

Friday, March 27, 2009


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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.

Prensalibre.com continued: "According to the report by the central bank yesterday, March 26, four auctions were conducted in which the amount claimed exceeded $139 million."

More on this topic

Banguat Defends Quetzal with $19.2 Million

March 2009

The Bank of Guatemala (Banguat) intervened in the foreign exchange market to halt the devaluation of the Quetzal.

The bank placed $19.2 million at an exchange rate of Q8.08 and Q8.10; this being the first time it has intervened in the market since December 29, 2008, when it auctioned $3.5 million.

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.

Costa Rica: Central Bank will Not Change its Exchange Rate Policy

October 2016

Despite constant complaints from the export sector, the Central Bank has been clear that devaluing the Colon against the dollar would mean a reversal of the exchange rate policy.

The insistence with which exporters and tourism entrepreneurs have raised the need to depreciate the Costa Rican currency to recover some of the lost competitiveness in the external field was not enough to change the opinion of the monetary authority.

New President at Banguat

September 2010

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

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.

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