Guatemala: Banguat Authorized to Sell More Dollars

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

Friday, October 2, 2009

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.

"In the last 12 months, Quetzal has depreciated over 10% versus the Dollar... So far 2009, Banguat has sold over $200 million in the currency market", reported newspaper La Prensa Libre.



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.

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.

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.

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.

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