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Guatemala has a very solid financial system, excellent international reserve levels and the lowest foreign debt in the region. The Guatemalan financial system is integrated by 18 banks, 15 financial institutions, 15 bonded warehouses, 17 insurance companies, 2 foreign exchange entities, 9 off shore entities, 12 stock brokers among other institutions supervised by the Office of the Banks Superintendent (OBS). These institutions offer the investor a variety of financial services with the highest standards of quality and security.
Both companies and the population in general have, for many years, benefited from a highly competitive sector with different participants in the market. In recent years, strong mergers and acquisitions led to the creation of much larger banks, capable of satisfying the demands of larger clients.
Parallel to the consolidation of the sector, small and medium size banks have specialized in attending to specific market niches. Actually, Guatemala has financial entities that provide world-class services in specialized areas such as factoring, international commerce, specialized investments, and microcredits, among others..
Net International Reserves 2002 - 2009. US$ Millions -
| MES |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
| ENERO |
2,332.60 |
2,417.30 |
2,889.80 |
3,508.50 |
4,087.80 |
4,037.20 |
4,319.60 |
4,758.60 |
| FEBRERO |
2,266.60 |
2,431.20 |
2,882.00 |
3,536.80 |
4,067.10 |
4,054.60 |
4,348.40 |
4,742.30 |
| MARZO |
2,247.70 |
2,428.20 |
2,950.00 |
3,663.50 |
4,115.50 |
4,249.50 |
4,338.40 |
5,029.80 |
| ABRIL |
2,237.70 |
2,456.90 |
2,893.00 |
3,734.60 |
4,141.60 |
4,263.20 |
4,468.70 |
5,001.00 |
| MAYO |
2,273.50 |
2,436.70 |
2,919.30 |
3,785.30 |
4,211.60 |
4,253.20 |
4,573.20 |
5,007.60 |
| JUNIO |
2,296.40 |
2,554.00 |
2,954.10 |
3,738.00 |
4,062.40 |
4,489.20 |
4,771.30 |
5,137.30 |
| JULIO |
2,259.80 |
2,628.70 |
2,929.30 |
3,793.40 |
4,038.20 |
4,442.60 |
4,743.60 |
5,035.50 |
| AGOSTO |
2,248.00 |
2,962.00 |
3,013.90 |
3,793.50 |
4,031.80 |
4,263.10 |
4,714.90 |
5,170.00
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| SEPTIEMBRE |
2,339.50 |
2,976.50 |
2,983.40 |
3,815.00 |
4,031.30 |
4,274.60 |
4,745.10 |
5,087.30
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| OCTUBRE |
2,305.50 |
2,930.60 |
3,352.40 |
3,771.60 |
4,036.30 |
4,288.00 |
4,787.30 |
5,091.30
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| NOVIEMBRE |
2,292.10 |
2,906.40 |
3,447.90 |
3,766.40 |
4,053.00 |
4,301.80 |
4,709.00 |
5,111.00
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| DICIEMBRE |
2,369.60 |
2,919.30 |
3,528.00 |
3,782.40 |
4,061.10 |
4,320.30 |
4,658.80 |
5,212.60
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Source: Banco de Guatemala
Most of the banks and financial entities operate with several correspondents in the United States, Panama, Mexico, Switzerland, among others. In addition, some foreign banks operate directly in Guatemala such as the Citibank, BAC, Banco Azteca, among others.
The Banco de Guatemala is the central banking entity, and the Banks Superintendent (SIB in Spanish) is the institution that controls banks, financial institutions, insurance companies and companies that issue securities.
The law for the free Negotiation of Foreign Exchange allows the legal use of foreign currency, therefore in many cases the dollar is used as a basis for contracts and international transactions. Any individual can open accounts in Quetzales, Dollars or Euros.
For more information about Guatemalas Financial System, visit la Superintendencia de Bancos de Guatemala, www.sib.gob.gt or Banco de Guatemala, www.banguat.gob.gt
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