Thursday, March 19, 2009

Banguat Sells Another $11.8 Million

The Bank of Guatemala (Banguat) went to battle again yesterday in defense of the quetzal by selling U.S. $11.8 million for the purpose of curbing the rise in the exchange rate.

Banguat initially offered $11.75 million but managed to place only $7.75 million, equivalent to 65 percent. It subsequently offered $13.3 million and sold 31 percent of that, or U.S. $4.1 million, for a total of $11.85 million.

The sale yesterday is in addition to the $19.2 million sold the day before, which means a sale of $31 million in two days.

The exchange rate stood at $ 8.10 today, however, due to the involvement of Banguat, the exchange rate will start tomorrow at $ 8.09. The banks also lowered their earnings yesterday as they had sold Quetzales at at an average of 8.22 and are now selling between 8.14 and 8.18.

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