|Precious metal ore|
Guatemala, officially the Republic of Guatemala, is a country in Central America bordered by Mexico to the north and west, the Pacific Ocean to the southwest, Belize to the northeast, the Caribbean to the east, and Honduras to the east and El Salvador to the southeast. With an estimated population of around 15.8 million, it is the most populous state in Central America. A representative democracy, Guatemala's capital, and largest city is Nueva Guatemala de la Asunción, also known as Guatemala City.
The regulatory framework of the Guatemalan financial services industry was subject to deep reforms from 2002 onward, starting with a package of banking and regulatory laws and regulations (2002-2004), amendments to securities laws (2008), the enactment of the Insurance Activity Law (2010) and most recently in 2012, some updates to the 2002 banking regulations which provided some enhancements to current legislation, based on experiences during the previous 10 years. Although still subject to some refinements, these laws are very much up to date and contain some of the best practices recommended by international standards. Securities and commodities regulations still lag behind the sophistication existing in other jurisdictions, even if they contain seldom-used modern financial instruments and concepts. This reflects the lack of depth of the Guatemalan capital markets. The Commerce Code and the Constitution, as well as other entity and activity-specific laws (mainly for state-owned banks) also contain relevant provisions that regulate some of the entities that are part of the financial services industry. Also, regulation for the prevention of money laundering and the financing of terrorism is applicable to these institutions as well as to some other non-financial activities.
|Agriculture||Sugarcane, corn, bananas, coffee, beans, cardamom, cattle, chickens.|
|Manufacture||Coffee, sugar, petroleum, apparel, cardamom.|
|Services (Including financial)||62.7% (2013 estimate)|
|Corporacion Multi Inversiones||Conglomerate|
|Precious metal ore|
The National Stock Exchange i.e. Bolsa Nacional de Valores of Guatemala is situated in Centro Financiero, Tower 2, Guatemala, Central America. (BVN, 2010). The major and the largest Stock Exchange of Guatemala is the National Stock Exchange i.e. Bolsa Nacional de Valores. There are other two exchange markets in Guatemala one is Bolsa Agricola Nacional which is agricultural stock exchange and other is Corporacion Bursatil. It is the largest stock exchange in Guatemala setup in 1989. It is a place where the information of demand and supply is available and buyers and suppliers conduct their business at the finest market price. In stock exchange shares of private companies and other securities are traded. But basically the trade is done with government debts and bonds which are "CDP, Certibono and Cenivacus". It provides the financial information of issuers to the general public so the trading is done smoothly. If anyone needs to invest in the market they should contact the brokerage so they he enlightens you with the options and risk of the investment. Presently there are 20 operational brokers in which 17 are backed by financial conglomerates. They charge GTQ 10,000 monthly fees in the exchange market.
The National Stock Exchange was established in 1989. It started out well in 1992; it created an electronic system called SINEDI for the foreign currency transactions where buying and selling is done. The other program called INFOBOL was also built-in in the exchange market; it helps the users to check the historical details, titles and negotiations. They can also enquire about the buying and selling offers in that. In 1999, the stock exchange faced number of challenges regarding economic and financial setbacks, which gradually decreased the confidence in their investments. During November, the crisis in liquidity and repurchase rate of agreements which have risen from 27% to 57%. The values of shares have also risen to US $ 57 million and volume of trading has also been increased. But in 2000 and later years it gradually did well.
The Guatemalan Civil War ran from 1960 to 1996. It was fought between the government of Guatemala and various leftist rebel groups supported chiefly by ethnic Mayan indigenous people and Ladino peasants, who together make up the rural poor. The government forces of Guatemala have been condemned for committing genocide against the Mayan population of Guatemala during the civil war and for widespread human rights violations against civilians. Democratic elections during the Guatemalan Revolution in 1944 and 1951 had brought popular leftist governments to power, but the United States backed coup d'é that in 1954 installed the military regime of Carlos Castillo Armas, who was followed by a series of conservative military dictators. In 1970, Colonel Carlos Manuel Arana Osorio became the first of a series of military dictators representing the Institutional Democratic Party or PID. The PID dominated Guatemalan politics for twelve years through electoral frauds favoring two of Col. Carlos Arana's proteges (Gen. Kjell Eugenio Laugerud Garcia in 1974 and Gen. Romeo Lucas Garcia in 1978). The PID lost its grip on Guatemalan politics when General Efraín Rí os Montt, together with a group of junior army officers, seized power in a military coup on 23 March 1982. In the 1970s continuing social discontent gave rise to an insurgency among the large populations of indigenous people and peasants, who traditionally bore the brunt of unequal land tenure. During the 1980s, the Guatemalan military assumed almost absolute government power for five years; it had successfully infiltrated and eliminated enemies in every socio-political institution of the nation, including the political, social, and intellectual classes. In the final stage of the civil war, the military developed a parallel, semi-visible, low profile but high-effect, control of Guatemala's national life.
As well as fighting between government forces and rebel groups, the conflict included, much more significantly, a large-scale, coordinated campaign of one-sided violence by the Guatemalan state against the civilian population from the mid-1960s onward. Victims of government repression included indigenous activists, suspected government opponents, returning refugees, critical academics and students, left-leaning politicians, trade unionists, religious workers, journalists, and street children. The Guatemalan state is accredited with being the first in Latin America to engage in the widespread use of forced disappearances against its opposition with the number of disappeared estimated at between 40,000 and 50,000 from 1966 until the end of the war. In total, it is estimated that 200,000 civilians were killed or "disappeared" during the conflict, most at the hands of the military, police and intelligence services. In 2009, Guatemalan courts sentenced Felipe Cusanero as the first person convicted of the crime of ordering forced disappearances.
This was followed by the 2013 trial of former president Efraín Ríos Montt genocide for the killing and disappearances of more than 1,700 indigenous Ixil Mayans during his 1982-83 rule; the accusations from genocide derived from the "Memoria del Silencio" report - written by the UN-appointed Commission for Historical Clarification- which considered that genocide could have occurred in Quiché between 1981 and 1983, although it did not take into consideration potential economic interests in the Ixcán region - situated in Franja Transversal del Norte- given the oil fields that were discovered in that area in 1975. The first former head of state to be tried for genocide by his own country's judicial system, Montt was found guilty the day following the conclusion of his trial and was sentenced to 80 years in prison; a few days later, however, the sentence was reversed and the trial was scheduled to start again because of alleged judicial anomalies. Finally, the trial began again on 23 July 2015.
The territory of modern Guatemala once formed the core of the Mayan civilization, which extended across Mesoamerica. Most of the country was conquered by the Spanish in the 16th century, becoming part of the viceroyalty of New Spain. Guatemala attained independence in 1821 as part of the Federal Republic of Central America, which dissolved in 1841.
From the mid to late 19th century, Guatemala experienced chronic instability and civil strife. Beginning in the early 20th century, it was ruled by a series of dictators backed by the United Fruit Company and the United States government. In 1944, authoritarian leader Jorge Ubico was overthrown by a pro-democratic military coup, initiating a decade-long revolution that led to sweeping social and economic reforms. A U.S.-backed military coup in 1954 ended the revolution and installed a dictatorship. From 1960 to 1996, Guatemala endured a bloody civil war fought between the U.S.-backed government and leftist rebels, which included massacres of the Mayan population perpetrated by the military. Since a United Nations-negotiated peace accord, Guatemala has witnessed both economic growth and successful democratic elections, though it continues to struggle with high rates of poverty, crime, drug trade, and instability. Guatemala's abundance of biologically significant and unique ecosystems, which includes a large number of endemic species, contributes to Mesoamerica's designation as a biodiversity hotspot. The country is also known for its rich and distinct culture, which is characterized by a fusion of Spanish and Indigenous influences.
On 1 July 1944 Ubico was forced to resign from the presidency in response to a wave of protests and a general strike inspired by brutal labor conditions among plantation workers. His chosen replacement General Juan Federico Ponce Vaides, was forced out of office on October 20, 1944 by a coup d'état led by Major Francisco Javier Arana and Captain Jacobo Árbenz Guzmán. About 100 people were killed in the coup. The country was led by a military junta made up of Arana, Árbenz, and Jorge Toriello Garrido. The Junta organized Guatemala's first free election, which was won with a majority of 86% by the philosophically conservative writer and teacher Juan José Arevalo, who wanted to turn the country into a liberal capitalist society. His "Christian Socialist" policies were inspired to a large extent by the U.S. New Deal of President Franklin D. Roosevelt during the Great Depression. Arevalo built new health centers, increased funding for education, and drafted a more liberal labor law, while criminalizing unions in workplaces with less than 500 workers, and cracking down on communists. Although Arevalo was popular among nationalists, he had enemies in the church and the military, and faced at least 25 coup attempts during his presidency.
(Civil rights leader)
Efrain Rios Montt
Otto Perez Molina
The quetzal (GTQ) is the currency of Guatemala, named after the national bird of Guatemala, the resplendent quetzal. In ancient Mayan culture, the quetzal bird's tail feathers were used as currency. It is divided into 100 centavos or lenes in Guatemalan slang. The plural is quetzales. The quetzal was introduced in 1925 during the term of President José Maria Orellana, whose image appears on the obverse of the one-quetzal bill. It replaced the peso. Until 1987, the quetzal was pegged to and domestically equal to the United States dollar and before the pegging to the US dollar, it was pegged to the French franc as well since the quetzal utilized the gold standard.
The national currency of Guatemala is the quetzal, named for the national bird. The plural is quetzales in Spanish or Anglicized as quetzals. As of April 2008, 1 U.S. dollar is worth about 7.65 quetzales (as of 29 Nov 2014). Travelers will need to change currency except in a few tourist locations and street vendors which may accept dollars (but not necessarily any other foreign currency.) Banks that exchange dollars should give you a fair exchange rate. If you enter Guatemala overland from a neighboring country you will likely need to exchange with border currency merchants (a worse rate) because it can be extremely difficult to change anything other than dollars when in-country. The larger banks should exchange dollars for quetzales. Travelers are often handed wads of Q100 bills which can be difficult to change in small tiendas or for small purchases. Always ask a merchant if he or she can change a Q100 bill if you have no smaller bills: Tiene cambio por cien? They may not, which means, good luck next time. Most goods in Guatemala are cheaper than North America and Europe; hotels (excluding high-end resorts) are very reasonable. Meals are also generally cheaper. Beer and wine is about the same cost as the U.S. Some items like imported shampoo, sunscreen, and insect repellants are significantly more expensive than in the U.S. Keep in mind that almost everything can be bargained for, and you can get good deals, but remember that merchants are generally getting by on low wages and arguing over pennies is pointless and can come across as rude. Bargaining is an art, but there is a fine line visitors should keep in mind between getting a deal and supporting a merchant with a living wage.
In 1925, coins in denominations of 1, 5, 10 centavos, ¼, ½ and 1 quetzal were introduced, although the majority of the 1 quetzal coins were withdrawn from circulation and melted. ½ and 2 centavos coins were added in 1932. Until 1965, coins of 5 centavos and above were minted in 72% silver. ½ and 1 quetzal coins were reintroduced in 1998 and 1999, respectively. The first banknotes were issued by the Central Bank of Guatemala in denominations of 1, 2, 5, 10, 20 and 100 quetzales, with ½ quetzal notes added in 1933. In 1946, the Bank of Guatemala took over the issuance of paper money, with its first issues being overprints on notes of the Central Bank. Except for the introduction of 50 quetzales notes in 1967, the denominations of banknotes were unchanged until ½ and 1 quetzal coins replaced notes at the end of the 1990s. In the top-right corner of the obverse face of each banknote, the value is displayed in Mayan numerals, representing Guatemala's cultural history.
|National Song||"Himno Nacional de Guatemala"|
|Currency||Guatemalan quetzal (GTQ)|
|GDP / GDP Rank||131.703 Billion USD|
|GDP Growth Rate||4 Percent|
|GDP Per Captial||$7899.202 (PPP)|
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Mestizo (Mixed Amerindian-Spanish - In Local Spanish Called Ladino) And European 59.4%
President – Jimmy Morales
|Website||Go to the web|
|Public Debt||25.294 Percent|
|Unemployment Rate||2.377 Percent|
|Labor Force (Occupation)||-|