españolBank of Guatemala with surplusTuesday, September 2, 2008 2007 was the first time in almost 30 years that the Bank of Guatemala reported a surplus ($28 million) in its Income Statement. Returns being generated by international reserves show that 2008 will also close with a surplus in the financial balances. Economic Growth: Improved Forecasts for the RegionThursday, January 14, 2021 The World Bank has improved economic growth projections for all Central American economies for 2021, with Honduras, El Salvador and Panama having the most promising forecasts. In June 2020, when the health and economic effects of the pandemic that caused the covid-19 outbreak were beginning to be reported, the World Bank predicted that in 2021 Nicaragua's Gross Domestic Product would decrease by -1.6%, but in a January 2021 publication it projected that the drop would be -0.9%. Government: Lights, Shadows and ChallengesThursday, January 14, 2021 The agile execution of economic stimulus programs, the considerable increase in public debt and the need to accelerate the process of economic reactivation are the lights, shadows and challenges identified a year after Alejandro Giammattei took office as president of Guatemala. On January 14, 2020, when Giammattei took office as president of Guatemala, he received a country with weak institutions, legal uncertainty and a business sector that was asking for a less "hostile" environment for new investments. New Reality, Sales and Industrial ProductionTuesday, January 12, 2021 Because in this context of new commercial reality the sales of alcohol, fertilizers, soaps, detergents and chemical and pharmaceutical products have increased, the productive activity of the Central American industrial sector has been dynamized. According to figures from the Bank of Guatemala, during the III Quarter of 2020 the Guatemalan Gross Domestic Product reported -2% year-on-year variation, a behavior that contrasts with the evolution of the manufacturing industry, which for the period in question registered a 3% increase in its production. HSBC Enters GuatemalaWednesday, September 23, 2009 The financial group will open a commercial office in the country in October. Paul Stickland, HSBC's representative in Guatemala, explained that the new office will service Guatemalan and multinational corporations. Guatemala: Banking Law to be Reformed in NovemberWednesday, October 21, 2009 The commission studying the law project in Congress could approve it in November. The initiative, presented by the Banking Superintendence, intends to reform thirteen articles while adding six to the Banks and Financial Groups Law, and modify one item from the Organic Law of the Central Bank of Gutemala (Banguat). Guatemalan Banks bring home capitalMonday, September 29, 2008 Guatemalan banks and financial companies are bringing home investments that they have in private entities in the US. Guatemalan investments, which are around $500 million, will be be transferred to the (Central) Bank of Guatemala, which in turn will invest in US federal funds in order to provide safety guarantee. Economy Closures: What is Expected in 2021?Monday, December 7, 2020 Although the end of the year holidays is a threat to Central America for a second wave of covid-19 infections, it is expected that total closures will not be decreed since there are currently effective health control options, and less costly for the economy. When the first cases of covid-19 were reported in the region in March 2020, most governments decided to paralyze a large part of productive activities and decree home quarantines. These actions focused on containing the advance of the virus caused a severe economic crisis in all countries. Guatemalan Remittances Pick Up After Falling for 12 MonthsThursday, April 8, 2010 In March 2010 remittances summed $369.9 million, 7.5% more than the same period of 2009. The Central Bank of Guatemala informed that this is the highest volume recorded since September 2008. Migrants' remittances to Guatemala surge by 11.33 percentFriday, May 9, 2008 Remittances by emigrants to their families in Guatemala rose by 11.33 percent year-on-year to US$1.36 billion in the first four months of the year, according to the nation's central bank, Banguat. In April alone, remittances totaled US$385 million, Banguat said. Remittances to Guatemala break record in JulyFriday, August 8, 2008 Guatemalans abroad sent $409.6 million during the month of July, the highest amount on record for a single month. In spite of the deportation of immigrants, which has already passed 15,000 this year, by the US Government and the country's economic crisis, remittances have reportedly increased by 8.4% in comparison to the first seven months of 2007, which had the lowest growth rate since they started to be recorded. Guatemala: Remittances Exceed $11 BillionThursday, January 7, 2021 Although forecasts at the start of the pandemic were pessimistic, during 2020 the country received remittances of $11.34 billion, an amount that is 8% higher than the $10.58 billion recorded in 2019. According to the most recent report from the Bank of Guatemala, only in December, remittances amounted to $1.164 billion, 24% more than those reported in the same month in 2019, when the figure was $941 million. HSBC Closes Office in GuatemalaFriday, May 20, 2011 The bank Hong Kong and Shanghai Banking Corporation (HSBC) argue that the main reason for the closure is the effects of the global economic crisis. In October 2009 the bank had set up the office which was dedicated to providing services to importers, exporters, multinational and transnational companies as well as offering trade services, loans and foreign accounts. Guatemalans Savings Up 13.6%Thursday, February 24, 2011 Total savings reported in 2010 were $ 3,389 million, 13.6% higher than 2009. According to information from the Superintendence of Banks, the total reported by the banking system in 2009 was $ 2,982 million. HSBC starts the process for operating in GuatemalaFriday, June 6, 2008 HSBC has started the approval process for operating in Guatemala. According to information from the Central American Daily, the Monetary Committee that oversees Guatemala's financial sector, will make its decision on the bank's application within two months. Publication in the Official Daily is part of the approval process required by the Office of the Superintendent of Banks. The bank has already been given unofficial notice that it will be able to operate in the country. |
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