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Guatemala currency outperforms region

Wednesday, October 1, 2014

Guatemala’s currency has outperformed its Latin American counterparts in the past year as a surge in remittances from the U.S. and sales of local banks boost liquidity.

The quetzal has gained 3.6 percent against the U.S. dollar in the past 12 months, one of three currencies in Latin America and the Caribbean to have climbed against the dollar in the period.

With U.S. economic growth accelerating, remittances sent home by an estimated 1.2 million Guatemalans living abroad rose 9.2 percent through August this year and are projected to grow 8.5 percent in 2014, according to Guatemala’s central bank.

Source: Bloomberg