what is the currency of guatemala

The currency of Guatemala is the Guatemalan quetzal (GTQ), which is named after the national bird of Guatemala, the resplendent quetzal. The quetzal is subdivided into 100 centavos. The Central Bank of Guatemala issued the currency at a rate of 1 quetzal to 60 pesos in 1926. The government initially linked the currency to the gold standard and then later pegged it to the U.S. dollar at par. Since 1987, the central bank has allowed the quetzal’s exchange rate to float freely against foreign currencies. Nowadays, there are coins of 1, 5, 10, 25, and 50 centavos and 1 quetzal, and bills come in denominations of 1, 5, 10, 20, 50, 100, and 200 quetzals. The US dollar is widely accepted in Guatemala, but it is still recommended to have Guatemalan quetzals on hand at all times.