The President of the Guatemalan Association of Exporters (Agexport) reported that the strength of the quetzal is causing products in the country to be more expensive and therefore a change in monetary policy is needed.

Castle Stuart, President of Agexport said: "We understand that the exchange rate recorded cyclical fluctuations during the year, appreciating earlier this year and experiencing depreciation in the second quarter, however, from January to March 2014 there has been an appreciation of the quetzal against the dollar above the level recorded in previous years, and this is of great concern to the productive sectors and exporters of the country whose competitive position is being severely punished because of overvaluation of the currency." said Castillo.

"Therefore, the President of the organization is urging the authorities to take the appropriate monetary, exchange and credit measures necessary to minimize the impact of fluctuations in the price of the dollar and continue with efforts to improve other aspects of competitiveness, such as tariffs and transport deficiency in ports."

Source: Asociación Guatemalteca de Exportadores (AGEXPORT)

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