At the start of the day, the euro was paid at the opening at 8.49 quetzals on average, up 2.47% from 8.29 quetzals the day before.
If we refer to the profitability of the last seven days, the euro recorded an increase of 2.19%, but year-on-year it continues to fall by 7.76%. If we compare the data with the previous days, it ends two consecutive sessions with a negative trend. Over the past week, volatility was 18.7%, which is visibly higher than the annual volatility figure (12.29%), indicating that it is showing larger changes than the overall value trend.
Last year, the euro even moved with a peak of 8.80 quetzals, while its lowest level was 8.17 quetzals. The euro is closer to its maximum than its lowest level.
The quetzal is the legal tender used in Guatemala and was created with the publication of the monetary law promulgated in 1924, when the 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 more than the US dollar until 1980, it fell to normal, 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 currency units in Latin America and the world to be one of the most unchanged.
The body responsible for regulating the creation of the currency is the Bank of Guatemala, and today coins of 5, 10, 25 and 50 quetzal cents and 1 quetzal are known, while 1, 5, 10, 20, 50, 100 and 200 quetzals circulate in banknotes.
In its efforts to reduce the costs of producing coins, the administration sought to introduce coins with different materials, for example by opting for steel instead of nickel-plated or brass-plated steel.
According to official figures, the Guatemalan government assured that the gross domestic product (GDP) had increased by 7.5 percent at the end of 2021, a growth not seen in 40 years.
On the other hand, the International Monetary Fund (IMF) forecasts that by 2022, the Guatemalan economy will continue to show a favorable performance, driven in part by foreign trade, remittances from the United States and a considerable decline in inflation.
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