After the opening of the session, the euro traded at the opening at 8.43 quetzals on average, representing an increase of 1.57% compared to 8.30 quetzals on average the previous day.
If we consider the data for the last week, the euro marks a rise of 1.99%, although, on the contrary, in year-on-year terms it still accumulates a decline of 8.92%. In relation to previous days, it chains two successive sessions in green. The volatility figure is lower than the numbers achieved for the last year (12.16%), so in this last phase there is less change than expected.
In the annual photo, the euro has even changed by a high of 8.80 quetzals on average, while its lowest level has been 8.17 quetzals on average. The euro is closer to its minimum value than to the maximum.
The Guatemalan currency
El quetzal is the legal tender used in Guatemala and was founded upon the issuance of the Monetary Law enacted in 1924, when then-President José María Orellana ordered the replacement of the Guatemalan peso.
The Guatemalan currency is currently divided into one hundred cents and was initially worth 10 cents above the US dollar until in 1980 it fell to par, recovering months later.
Currently, the quetzal is equivalent to 7.50 units per US dollar and 9.25 units per euro, making it one of the 30 monetary units in Ibero-America and the world to be one of the most stable.
The body in charge of regulating the issuance of the currency is the Bank of Guatemala, and today coins of 5, 10, 25 and 50 cents of quetzal and 1 quetzal are known, while 1, 5, 10, 20, 50, 100 and 200 quetzals circulate in banknotes.
In its attempts to lower the production prices of coins, the administration has sought to introduce coins with different materials such as opting for steel instead of nickel or brass-plated steel.
According to official figures, the Guatemalan government has assured that the Gross Domestic Product (GDP) grew by 7.5% at the end of 2021, a growth not seen for 40 years.
On the other hand, the International Monetary Fund (IMF) expects that by 2022 the Guatemalan economy will continue with a positive performance driven in part by foreign trade, remittances from the United States and a considerable drop in inflation.
Agencies
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