Belize And Guatemala: A Tale Of Two Currencies

The official currency of Belize is the Belize Dollar (BZD), which is pegged to the US dollar at a fixed rate of BZ$2 to US$1. In Belize, ATMs usually accept foreign cards, and many businesses accept US dollars. The official currency of Guatemala is the Guatemalan Quetzal (GTQ), which is a free-floating currency that was introduced in 1924.

Belize's official currency is the Belize Dollar (BZD)

The Belizean dollar is divided into 100 cents, and banknotes come in $2, $5, $10, $20, $50, and $100 denominations. Belizean coins are available in 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and a $1 coin. The front of Belize notes feature local wildlife or prominent buildings in the country, and the reverse of every banknote features a portrait of Queen Elizabeth II of Britain, as Belize is a member of the Commonwealth.

ATMs in Belize generally accept foreign cards, and usually charge a nominal fee of 3-5 BZD for international card withdrawals. Some ATMs may also enforce a withdrawal limit per day, which is usually around BZ$500.

Money can be exchanged at most banks and some hotels, although it is difficult to exchange Belizean dollars for other currencies once outside the country. It is best to avoid freelance money changers (known as "peseros") who do not require any paperwork.

BZD is pegged to the US dollar at a fixed rate of 2:1

The Belize Dollar (BZD) is the official currency of Belize. It is often abbreviated as BZD or presented with the symbol BZ$.. The Belizean currency is pegged to the US dollar at a fixed rate of 2:1, meaning that two Belizean dollars will always be equal to one American dollar. This was first established in 1978, four years after the Belize Dollar was introduced.

Pegging a currency means to fix it to another currency, in this case, the US dollar. This is done to ensure the value of the currency remains relatively stable and to safeguard the competitiveness of exported goods and services. A weaker currency is good for exports and tourism, as it becomes cheaper to purchase. Pegging can also reduce the detrimental impact of fluctuations in currency values on international trade.

Belize's currency was initially pegged to the British pound, but in 1931, when Britain abandoned the gold standard, the Belizean currency became pegged to the US dollar. The Central Bank of Belize, established in 1982, manages the nation's foreign reserves and issues its currency.

Belize was a British colony and part of British Honduras until it was renamed in 1973, and officially gained independence in 1981. The country's economy is highly reliant on tourism and agriculture, with exports including sugar, bananas, citrus, and crude oil.

Guatemalan Quetzal (GTQ) is Guatemala's official currency

The Guatemalan quetzal (GTQ) is the official currency of Guatemala. It was introduced in 1924 or 1925, replacing the Guatemalan peso at a rate of 60 pesos to 1 quetzal. The quetzal is named after the national bird of Guatemala, which also has a central role in Guatemalan mythos. In ancient Mayan culture, the quetzal bird's tail feathers were used as currency.

The quetzal is divided into 100 centavos, or len (plural lenes) in Guatemalan slang. The plural form of quetzal is quetzales. The currency is issued by the Bank of Guatemala, which took over from the Central Bank of Guatemala in 1946. Quetzal banknotes are available in denominations of 1, 5, 10, 20, 50, 100, and 200. The 200-quetzal banknote honours Guatemala's national instrument, the marimba, and features three marimba composers: Sebastian Hurtado, Mariano Valverde, and German Alcántara.

The obverse of the one-quetzal bill features President José María Orellana, who was in power when the quetzal was introduced. The obverse of each banknote also displays its value in Mayan numerals, representing Guatemala's cultural history. The coins currently in circulation are disc-shaped and include Guatemala's national coat of arms on the obverse. The 25-centavo coin features Concepción Ramírez, an indigenous member of the Maya Tz'tujil ethnic group, and is the only Guatemalan coin to feature an indigenous person. The one-quetzal coin memorialises the peace process that ended Guatemala's civil war in 1996, featuring a dove and the Spanish word for peace, "paz".

The Belize dollar (BZD), on the other hand, is the official currency of Belize. It is often abbreviated as BZ$ and is pegged to the US dollar at a rate of 2 BZD to 1 USD.

GTQ is subdivided into 100 centavos

The Guatemalan Quetzal (GTQ) is the official currency of Guatemala. Introduced in 1925, the Guatemalan Quetzal replaced the Guatemalan Peso at an exchange rate of 1 Quetzal to 60 Pesos. The Bank of Guatemala is responsible for issuing and managing the currency, which operates under a managed floating exchange rate system. This means that the value of the Quetzal relative to other currencies is determined by market forces such as supply and demand, with the Bank of Guatemala intervening if necessary to maintain stability.

The Guatemalan Quetzal is subdivided into 100 smaller units called centavos. One centavo is equal to 0.01 GTQ. Centavos are available in coin denominations of 1, 5, 10, 25, and 50. These coins feature the Guatemalan coat of arms, with the denomination in a circle on the front, and a variety of designs on the back, including depictions of Guatemalan flora and fauna, and notable figures from Guatemalan history.

In addition to the coins, there are also banknotes available in denominations of 1, 5, 10, 20, 50, 100, and 200 Quetzales. The front of the 1-Quetzal banknote features a portrait of Tecun Uman, the last ruler of the K'iche' people, who fought against the Spanish and Honduran conqueror Pedro de Alvarado, and was killed in the Battle of El Pinar in 1524. The back of the 1-Quetzal banknote depicts the Temple of the Great Jaguar, a Mayan archaeological site located in Tikal, Guatemala. The temple is one of the oldest structures in the Mayan world, dating back to the 3rd century, and is known for its intricate carvings and sculptures.

The higher-denomination banknotes feature prominent figures from Guatemalan history, including José Francisco Barrundia (5-Quetzal banknote), Mariano Gálvez (10-Quetzal banknote), and Justo Rufino Barrios (50-Quetzal banknote). The 100-Quetzal banknote depicts a portrait of José María Orellana, while the 200-Quetzal banknote features a portrait of Carlos Zachrisson, a Swedish landscape engineer who contributed to the development of Guatemala's infrastructure in the late 19th and early 20th centuries.

Meanwhile, in Belize, the official currency is the Belize Dollar (BZD), which is pegged to the US Dollar at a rate of 2 BZD to 1 USD. Belize Dollars are divided into 100 cents, with banknotes in denominations of $2, $5, $10, $20, $50, and $100, and coins in denominations of 1 cent, 5 cents, 10 cents, 25 cents, 50 cents, and $1.

Quetzal is a free-floating currency

The Belize Dollar (BZD) is the official currency of Belize, while Guatemala uses the Guatemalan Quetzal (GTQ). The Guatemalan quetzal is a free-floating currency, but this has not always been the case. Since 1987, the quetzal has been allowed to float freely against foreign currencies. However, its value has remained relatively stable, with an exchange rate of approximately 7 to 8 quetzals per US dollar since 2000.

The quetzal was introduced in 1925 by President José María Orellana, whose portrait is featured on the one-quetzal bill. It replaced the Guatemalan peso at an exchange rate of 60 pesos to one quetzal. The quetzal gets its name from the national bird of Guatemala, the resplendent quetzal. In ancient Mayan culture, the tail feathers of the quetzal bird were used as currency. The bird is also featured on the modern banknotes, with images of the long-tailed bird adorning the front of the notes.

The Central Bank of Guatemala initially issued the quetzal, pegged to the gold standard. Subsequently, from its inception until 1987, the quetzal was pegged to the US dollar. During this period, the currency was not free-floating. The newly created Bank of Guatemala took over the issuance of currency from the Central Bank of Guatemala in 1946 and introduced a new series of banknotes.

The quetzal is subdivided into 100 centavos or len (plural lenes) in Guatemalan slang. Guatemalan coins in circulation include 1, 5, 10, 25, and 50 centavos, as well as a one-quetzal coin. The paper currency includes a 50 centavos bill, along with bills worth 1, 5, 10, 20, 50, 100, and 200 quetzals. The value of each banknote is displayed in Mayan numerals in the top right corner of the obverse face, representing Guatemala's cultural history.

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