The Guatemalan Monetary Unit refers to the official currency used in Guatemala, a country located in Central America. The currency of Guatemala is called the Guatemalan Quetzal (GTQ), which has been in circulation since 1925. As the legal tender of the country, the Guatemalan Quetzal is regulated and issued by the Bank of Guatemala, the central bank of the nation.
The Guatemalan Monetary Unit, in the form of the Quetzal, is subdivided into centavos. One Quetzal can be further divided into 100 centavos. Coins denominated in Quetzales are available in values of 1, 5, 10, 25, and 50 centavos, as well as 1 Quetzal. Banknotes are issued in denominations of 1, 5, 10, 20, 50, 100, and 200 Quetzales. The design of these banknotes often features notable individuals, landmarks, or culturally significant elements of Guatemala.
Like many modern currencies, the Guatemalan Monetary Unit is subject to fluctuations in value against other major currencies such as the US Dollar. The exchange rate between the Guatemalan Quetzal and other foreign currencies is determined by factors such as economic conditions, inflation rates, interest rates, and international trade developments.
Given the significant role of the Guatemalan Quetzal as the official currency of Guatemala, it is widely used for all financial transactions within the country, including purchases, payments, and exchange for goods and services.
