The Bank of Guatemala () is the central bank of Guatemala and was established in its current form in 1945. The Central Bank of Guatemala was established by President José María Orellana in 1926, after prior governments consulted Edwin W. Kemmerer.
History Pre-1948 President Manuel Estrada Cabrera invited Edwin W. Kemmerer to study Guatemala's monetary condition in 1919, and his suggestions included creating a central bank. The establishment of a central bank was hampered by Estrada and Carlos Herrera being overthrown. The Guatemalan quetzal was created in November 1924, and the Central Bank of Guatemala was established on 30 June 1926, by President José María Orellana. Guatemala's monetary policy was based on the gold standard.
The Crédito Hipotecario Nacional, a state-backed financial institution, was established in 1929, and most of its credit was given for short-term basis agricultural work.
Post-1945 The Ministry of Economy and Labor was established by the 1945 Constitution of Guatemala. The Bank of Guatemala was established that year as a central bank. This institution replaced the Central Bank of Guatemala. The legislation establishing the bank created a monetary board of six members. The president and vice-president of the bank were appointed by the president of Guatemala to six year terms.
Lending to cotton growers massively increased across Central America during the 1950s. The Bank of Guatemala stimulated this by rediscounting private bank loans to cotton growers at a favorable rate. By 1964, 40% of all rediscounted loans by the Bank of Guatemala were related to cotton.
A complex for the Bank of Guatemala was constructed from 1962 to 1966, and inaugurated in 1966. Raúl Minondo and Jorge Montes designed the building using International Style. The 17 storey high building was the tallest building in Guatemala at the time.
In 2015, the head of the Bank of Guatemala was arrested as part of the La Línea corruption case.
Money supply + Supply of Guatemalan quetzal in milloins Year Bank of Guatemala Other banks Total Reference(s) 1946 57.6 52.6 5.0 1947 63.0 55.5 7.5 1948 63.7 54.1 9.5 1949 65.2 52.9 12.3 1950 65.6 53.2 12.3 1951 69.8 56.5 13.3 1952 73.5 61.9 11.6 1953 85.4 73.0 12.3 1954 93.1 78.9 14.2 1955 103.8 85.2 18.6
Presidents of the Bank of Guatemala
Manuel Noriega Morales (1946–1954) Manuel Béndfeldt Jáuregui (1954) Gabriel Orellana Estrada (1954–1958) Gustavo Mirón Porras (1958–1960) Arturo Pérez Galliano (1960–1966) Francisco Fernández Rivas (1966–1970) Augusto Contreras Godoy (1970–1974) Manuel Méndez Escobar (1974–1978) Plinio Alfredo Grazioso Barrilas (1978–1982) Jorge González del Valle (1982) Armando González Campo (1983) Carlos Humberto Alpíre Pérez (1983–1984) Oscar Alvarez Marroquín (1984–1985) Jorge Luis Monzón Juárez (1985–1986) José Federico Linares Martínez (1986–1987) José Miguel Gaitán Ramírez (1987–1989) Lizardo Arturo Sosa López (1989–1990) Oscar Humberto Pineda Robles (1990–1991) José Federico Linares Martínez (1991–1993) Lizardo Arturo Sosa López (1993) Willy Waldemar Zapata Sagastume (1993–1997) Edin Homero Velázquez Escobedo (1997–2000) Lizardo Arturo Sosa Ramirez (2000–2006) María Antonieta Del Cid Navas de Bonilla (2006–2010) Edgar Baltazar Barquín Dúran (2010–2014) Julio Roberto Suárez Guerra (2014–2018) Sergio Francisco Recinos Rivera (2018–2022) Alvaro González Ricci (2022–present)
Source: Bank of Guatemala
See also Ministry of Public Finance Economy of Guatemala Guatemalan quetzal List of central banks
References
Works cited
Books
Journals
Web
External links
Official site of Banco de Guatemala Official site of Banco de Guatemala