Authorities Host Congress of the Banking Association of Guatemala

The Bank of Guatemala's chairman said the country's leading rate should remain at 5%.

by Pamela Contreras
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Guatemala City, by Brenda Larios -AGN-. Guatemala hosted the XVIII Regional Congress on Remittances, Microfinance and Financial Inclusion -Coremif- 2023. The Guatemalan Banking Association -ABG-, through the Guatemalan Banking School -EBG- and the Central American Banking School -EBC-, participated in the event.

Álvaro González, chairman of the Bank of Guatemala -Banguat-, informed that the leading rate should remain at 5% in the country.

He stated: “It seems that the leading rate will remain, although it is not my decision but the Monetary Board’s. We notice that the inflation issue has been solved for now; however, many upside and downside risks in world markets may still affect inflation performance.”

Other Topics

In his statements, Gonzalez quoted as an example the oil market, whose price last week rose to USD 84 per barrel. Although now it is at 80 dollars. “This is affected by whether China is going to grow as it has projected economically, but these are factors out of the country’s control.”

According to the ABG, the congress was done in both physical and virtual modalities. It is aimed at economic professionals and individuals who wish to learn about remittances and financial inclusion.

The EBG explained that the challenges of the financial sector are the driving force for the country’s development.

Likewise, it pointed out that strategies to provide people with valuable and affordable financial products must address the challenges of promoting financial inclusion and banking access.

Topics

This congress included the participation of professionals in each topic to be developed, so it is considered a significant contribution to:

  • financial education
  • remittances
  • microfinance
  • financial inclusion

The most relevant topics discussed included,

  • the importance of banking agents in inclusive finance and commercial development of financial institutions,
  • the importance of cybersecurity in an environment of digitalization of inclusive finance,
  • the role of inclusive finance in MSMEs led by women, and their contribution to the country’s economic development.

It concluded with international remittances, microfinance institutions’ role, and the importance of digital financial inclusion in the 2030 agenda.

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