People send money from the United States to Guatemala and the other way around regularly. In 2016, remittances sent from the U.S. to Guatemala exceeded U.S. $6.75 billion. Around U.S. $17 million was sent in the other direction in the same year. Trade between the two countries also accounts for a significant flow of capital in both directions, totaling to an estimated U.S. $12.4 billion in 2016.
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The United States has used the dollar as its official currency since 1792. The use of the American dollar as the sole currency can be seen in two British Overseas Territories, the British Virgin Islands, Turks and Caicos Islands, the Caribbean, El Salvador, Ecuador, and the Federated States of Micronesia. It is also used alongside other local currencies in countries such as Belize, Haiti, Panama, Costa Rica, Myanmar, and Zimbabwe.
The U.S. dollar is the most widely traded currency in the world. According to estimates, more than U.S. $5 trillion passes through the global forex market each day. In April 2016, the share of the U.S. dollar in the international forex market turnover exceeded 87%. It is also the world’s most dominant reserve currency.
Some currencies such as the Aruban florin, the Bahamian dollar, the Djibouti franc, the Omani rial, and the Venezuelan bolivar still remain pegged to the U.S. dollar.
|Nicknames||Buck, moolah, paper, dough, dead presidents, |
bones, greenback, green
|Bank notes||$1, $2, $5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1|
The Guatemalan quetzal has been the official currency of Guatemala since 1925, when it replaced the Guatemalan peso. The Guatemalan peso was introduced in 1859, replacing the Central American real. The currency is named after the national bird of country, the resplendent quetzal.
The quetzal was pegged to the U.S. dollar until 1987. It was also pegged to the French franc in the past because of its reliance to the gold standard. The Bank of Guatemala started issuing polymer bank notes in August 2007.
|Bank notes||50 centavos, 1 quetzal, 5, 10, 20, 50, |
100, 200 quetzales
|Coins||1, 5, 10, 25, 50 centavos, 1 quetzal|
U.S. Dollar / Guatemalan Quetzal Historical Rates
Established in 1926, the Central Bank of Guatemala issued the quetzal, with one quetzal valued at 60 pesos. The new currency was linked to the gold standard and was also pegged at par to the U.S. dollar.
Guatemala moved from a dictatorship to a more democratic form of government in 1944. The Bank of Guatemala was established in 1945, and it was handed the responsibility of issuing currency from 1946. The central bank has allowed the exchange rate of the quetzal to float against foreign currencies since 1987. The peace accords in 1996 that ended close to four decades of political instability encouraged foreign direct investment in the region, helping its economy to improve.
After the initial climb that the quetzal experienced owing to its moving away from the peg, the value of the quetzal has remained largely stable since 2000, trading at around seven to eight quetzal per U.S. dollar.
USD/GTQ in the last five years
|U.S. $1 =|
|1 July, 2013||GTQ 7.8455|
|1 July, 2014||GTQ 7.8175|
|1 July, 2015||GTQ 7.6505|
|1 July, 2016||GTQ 7.5625|
|1 July, 2017||GTQ 7.2835|
USD/GTQ in the last five months
|U.S. $1 =|
|1 March, 2018||GTQ 7.4005|
|1 April, 2018||GTQ 7.4230|
|1 May, 2018||GTQ 7.4680|
|1 June, 2018||GTQ 7.4975|
|1 July, 2018||GTQ 7.5079|
What Affects USD/GTQ Exchange Rates?
The service sector in Guatemala is a major contributor to its economy. Its agriculture sector is also major employer and accounts for a significant percentage of the country’s exports. Any negative turns in these sectors might impact the value of the quetzal adversely. Some of the other factors that play a role in how the USD/GTQ currency pair performs include the socio-political climate in these countries as well as their inflation, monetary policies, and foreign trade.
Sending money from the U.S. to Guatemala or in the other direction requires that you pay close attention to USD/GTQ exchange rates, especially if you plan to transfer a large sum. While several banks in both countries give you the ability to carry out overseas money transfers, you might be better off turning to a specialist money transfer company because of factors such as cost effectiveness, speed, and convenience.