US Dollar Climbs to 7 Year High in Guatemala

Yesterday exchange rate was 8,16 quetzales, the highest on record since November 2001.

Friday, July 10, 2009

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.

Sigloxxi.com quotes María Antonieta Del Cid, Banguat President: "The Bank follows one rule: if the parameters indicate so, we must participate, but, if there are additional factors that may require discretionary intervention, we could participate too".

More on this topic

Guatemala: Quetzal Depreciates Again

June 2011

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.

Guatemala: Dollar Once Again Strong Against the Quetzal

May 2011

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.

Exchange Rate Reduces High Price Profits

February 2011

The Guatemalan quetzal appreciated 2.1% against the Dollar in recent weeks, reducing the favorable conditions set by high international prices of coffee and sugar.

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."

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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