Direct impact of US crisis in Guatemala ruled out

Banking monetary and authorities in the country have ruled out a direct impact on Guatemala's economy.

Thursday, September 18, 2008

Banking executives agree that the economic situation in the country is uncertain; nonetheless, they need to keep a close eye on what is happening in the American financial market.
Yesterday they were invited to the legislative palace of the President of the Bank of Guatemala, Maria Antonieta del Cid de Bonilla; the superintendent of Banks, Edgar Barquin, and the Minister of the Economy, Romulo Caballeros, explained the impact of the crisis in the US on the local market.

More on this topic

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.

Main rate debated in Guatemala

November 2008

Businessmen estimate that a reduction in the rate which is now at 7.25% would help to reactivate credit.

There are division and the debate is hot. The petition from the industrial sector to lower the main interest rate in order to reactivate the economy has its supporters and dissidents.

Regional plan prepared to deal with crisis

November 2008

Ministers of the Economy and Foreign Trade from Central America prepared a plan to jointly deal with the impact of the economic recession that will occur in 2009 in the region.

The adopted measures will be used to jointly mitigate the negative effects.

"The coordination instruments will be announced by the presidents at the meeting which will be held on December 5 in Tegucigalpa, Honduras," reported Romulo Caballeros, Guatemalan minister of Economy

Guatemalan Government injects $275 million.

November 2008

The Monetary Board in charge of directing macroeconomic policies of the country opened a special account in US dollars and placed it at the disposal of the private banks to help them acquire liquidity.

Maria Antonieta Bonilla explained that the account would come into effect as of 31st Jan, 09 with the objective of giving liquidity to banks in the system that have had some difficulties.

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