Friday, February 27, 2009

Quetzal Exchange Rate Reaches 8.15

The depreciation of the quetzal against the U.S. dollar is manifesting itself in the rising exchange rate.

A poll of banks gave the following results:

Banco de América Central, Q7.91 buy, Q8.11 sell.
Internacional, Q7.93 buy, Q8.15 sell.
Agromercantil, Q7.95 buy, Q8.12 sell.
Azteca, Q7.86 buy, Q8.06 sell.
Industrial, Q7.90 but, Q8.09 sell.
G&T Continental, Q7.84 buy, Q8.03 sell.

The black market on the street was at Q7.84 buy, Q8.00 sell.

Money changer Elio Chávez said that since January the dollar has been fluctuating but he emphasized that this sort of behavior is normal at the beginning of a year.

Businesses that rely on imports are suffering because the rising rate increases the cost of imported materials.

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