Importers Complain, Exporters Rejoice

The Chamber of Commerce is demanding action by the Central Bank on the value of the Quetzal against the Dollar.

Thursday, August 6, 2009

The Guatemalan Chamber of Commerce (CCG) wants the Central Bank (Banguat) to intervene the market and stop the devaluation of the national currency, the Quetzal. For this, the Chamber will run an advertising campaign, explaining the consumer its reasons and problems.

The CCG argues that $1 equaled 7.65 Quetzales in August 2007, 7.39 Quetzales in the same month of 2008, and nowadays 8.24 Quetzales.

"In contrast, exporters enjoy the rise of the dollar's value", reported news website Prensalibre.com. "Imported products where cheap in the past years, and the Quetzal was overvalued. Now the Dollar is regaining a position it should have enjoyed many years ago", explained Fanny de Estrada, executive director of the Guatemalan Exporters Association.



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More on this topic

Guatemala: Quetzal Still Appreciating Against Dollar

August 2016

Exporters resent the strength of the local currency against the dollar, which reduces competitiveness at a time when export volumes are falling.

Since the beginning of the year until mid-August, the price of the Quetzal against the dollar has gone from Q7,63 per dollar to Q7,50, a difference of 13 cents resulting in a decrease of competitiveness for exporters and sectors that generate revenue in the US currency.

Guatemala: Quetzal Continues to Appreciate Against Dollar

January 2015

In order to moderate the decline in the dollar the Bank of Guatemala has made two interventions so far in 2015.

During 2013 the Guatemalan currency gained about 3% against the dollar, making exports less competitive. Due to the fact that the trend has continued, the Bank of Guatemala has started to apply the rule of exchange participation in order to moderate behavior of the currency.

Change in Exchange Rate Trend in Guatemala

October 2014

Since August the quetzal has been appreciating against the dollar, mainly due to an increase of foreign exchange coming into the country in the form of remittances.

Although in the first eight months of the year the exchange rate against the dollar was stable, from August the trend began to change and the national currency began to appreciate.

Guatemala: Queztal to US dollar exchange rate increases

January 2009

In one week the currency went from Q7.77 to Q7.91, the biggest increase since October 2004.

Elperiodico.com.gt reports: "The exchange rate is finally reaching its real levels, in previous years there was the feeling that it was overvalued," said Tulio Garcia, president of the Guatemalan Association of Exporters (Agexport), in comments about the recent upward tendency of the US dollar.

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