Guatemala - Foreign Exchange ControlsGuatemala - Foreign Exchange
Guatemala maintains an open and unrestricted exchange regime. There are no restrictions on converting or transferring funds associated with an investment into a freely usable currency at a market-clearing rate. The exchange rate moves in response to market conditions.
The government sets one exchange rate as its reference, which it applies only to its own transactions and which is based on the commercial rate. The Central Bank intervenes in the foreign exchange market only to prevent sharp movements. There are no legal constraints on the quantity of remittances or any other capital flows, or delays in acquiring foreign exchange. Since May 2001, banks are permitted to offer accounts and conduct business in any foreign currency. In October 2010, monetary authorities approved a regulation to establish limits for cash transactions of foreign currency to reduce the risks of money laundering and terrorism financing. The regulation establishes that monthly deposits over USD 3,000 will be subject to additional requirements, including a sworn statement by the depositor stating that the money comes from legitimate activities. The reference exchange rate of Quetzals (GTQ) to the U.S. dollar (USD) has remained relatively stable since 1999.