Friday, March 27, 2009

Exchange Rate Reaches Q8.24

The dollar was offered yesterday at bank tellers at up to Q8.24. The continuing upward trend caused the price of the foreign exchange reference rate for the day at the Bank of Guatemala (Banguat) to reach Q8.12.

Both economic analysts and monetary authorities have said that there is no technical reason for this trend of the dollar.

The dollar has continued to rise in recent days despite the interventions of Banguat in the currency market in an attempt to meet the alleged demand for U.S. dollars.

Banguat's most recent move was on March 18 when it sold U.S. $31 million in two days.

Jorge Briz, president of the Guatemalan Chamber of Commerce (GCC), expressed concern at the sharp upward trend in the exchange rate of the quetzal against the U.S. dollar.

A high exchange rate, affects those who have loans in U.S. dollars, and importers, and traders. It benefits recipients of remittances, exporters, and those who receive a salary in dollars.

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