During the first month of the year, remittances from abroad to Guatemala totaled $688 million, 8% more than what was received in January 2018.
According to figures from the Bank of Guatemala, in January 2019 the country received $688 million in remittances, 8% more than the $635 million recorded in the same month in 2018.
In the last seven years, the amount of family remittances reported in January has doubled, with $305 million recorded in the first month of 2012 and $688 million in 2019.
In the first eleven months of the year, income from family remittances in the country totaled $8.444 million, 13% higher than that reported in the same period in 2017.
The most recent figures from the Banco de Guatemala show that in November 2018 the country received $757 million in remittances, 17% more than the $646 million registered in the same month in 2017.
The stock price of Copa Holdings has fallen and at the same time the airline has stopped accepting Argentina's currency for ticket sales.
Restrictions in Argentina for converting local currency to dollars and for sending funds abroad, have now forced American Airlines and Air Canada to take the same measure implemented by Copa.
During 2014 2,142,000 visitors came into the country and tourism revenues increased 5.6% compared to 2013.
Foreign currency received from tourism amounted to $1,563 million at the end of 2014, representing $83.1 million more than reported in 2013 . Also, in 2014 142 thousand more than visitors were received than in 2013, coming mainly from El Salvador, Spain, the United States and the United Kingdom, among other places.
The increase in remittance income is the main factor that has led to the value of the local currency against the dollar rising to its highest level in the past two years.
While in other Central American countries local currencies have tended to lose value against the dollar, in Guatemala the strong flow of foreign exchange into the country has put upward pressure on the supply of dollars causing an appreciation of the quetzal, which was quoted on 5 October at Q7,63 to the dollar.
An announcement has been made of a 12% increase in the number of visitors who came to the country in the first two months of the year compared with the same period in 2013.
Tourists coming to the country in January and February generated foreign exchange of $284 million, up from the $256 million which came in during the first two months of 2013.
"In the first two months of the year 383,219 tourists entered Guatemala, a figure which is 12% higher than the 342,268 in January and February 2013, detailed a report provided to the AFP by state entity Guatemalan Tourism Institute, INGUAT."
The delay in the allocation of foreign currency for international payments to suppliers has caused Venezuelan industrial companies to owe some $5 billion to international suppliers.
The problem for exporters in the Colon Free Zone over non-payment of goods sold to importers in Venezuela is not isolated, and creates problems not only outside the Bolivarian country, but also for its own industry.
In the next two years, the RMB or Chinese yuan could become one of the major currencies used in global trade.
This was said in London by Douglas Flint, chairman of HSBC Holdings SA, adding that "the renminbi (RMB) will be a growing part of normal business in the everyday life for anyone who trades or invests in China."
"All international business with an eye on China should consider the potential benefits of using the RMB and the investment opportunities in RMB that have been created around the world with the support of the burgeoning overseas markets, particularly in foreign bonds markets," he said.
During the first quarter of 2013, tourist arrivals grew by 7.7% compared with the same period last year.
Data from the Guatemalan Tourism Institute (INGUAT) shows that from January to March 2013 there were 524,430 tourist visits, while in the same period in 2012 486,740 travelers entered the country.
"As for currencies, the INGUAT states that $396 million was received, while in 2012 the total reached $365.8 million.
Guatemala received $10.46 billion in foreign exchange through exports in 2011, 23.6% more than last year.
Guatemala exports totaled $10.463 billion, some $2 billion more than in 2010, reported the Bank of Guatemala.
"According to statistics released on its website by the Bank of Guatemala (central), foreign exchange earnings last year were 23.6% higher than those of 2010", reports Prensa.com.
Using new strategies and promotions abroad, the sector is trying to consolidate the slow recent recovery.
Although slow, the tourism industry in Guatemala has recovered from the decline suffered in 2008, in the context of the international financial crisis.
So far this year, the amount of foreign currency that has come into the country from this sector totals $681 million, an optimistic figure when compared with the $700 million revenue in 2010.
Since January 1st, new regulations are in place for transactions over $3,000.
These regulations require individuals and companies to provide documentation for each transaction over $3,000. Said papers will be stored by the bank in a file.
“These include an affidavit in which the customer assures the legitimacy of the funds and declares that its origins are legal”, reported Prensalibre.com.
Starting January 2011, cash transactions exceeding $ 3000 must meet additional requirements
The chairman of the Monetary Board (JM), Edgar Barquin said that transactions of less than $ 3 thousand only require name, identification and legal address.
For amounts over the $ 3,000 more information will be requested and the operation must be guaranteed by a bank official.
Between January and August 1,283,256 foreign visitors came into the country, equating to 124,550 more than in the same period of 2009.
Regarding foreign exchange, Guillermo Novielli, subdirector of Guatemalan Tourism Institute (Inguat), added that in the first eight months revenue from tourism was $933.4 million, 11.3% up on the same period in 2009.
Fundesa, Guatemala’s Foundation for Development, issued its monthly report on the status of the economy.
Inflation
According to the Consumer Price Index, prepared by the National Statistics Institute, cumulative inflation up to May 2010 stood at 2.70%, which means that the price level rose when compared to December 2009. The year-on-year change for May 2009 was 3.51%, reflecting a slight downward trend for the third consecutive month.
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