Pressure Against the Quetzal Continues
Friday, March 27, 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.

Prensalibre.com continued: "According to the report by the central bank yesterday, March 26, four auctions were conducted in which the amount claimed exceeded $139 million."
Source:prensalibre.com
Source:prensalibre.com
More on this topic
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New President at Banguat
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Guatemala: Banguat Authorized to Sell More Dollars
October 2009
Banguat is now authorized to sell up to $32 million a day; previously, it could offer only 24.
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.
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.
Key entities
Bank of Guatemala María Antonieta Del Cid de Bonilla
Countries
Guatemala
Insight
Central Banking
RELACIONADO
Bank of Guatemala
Exchange rate
Economics
Forex market
exchange rate policy
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