Título VI. Transparencia en la informacion

The President of the Bank of Guatemala shall appear before the Congress of the Republic to present a detailed report during the months of January and July of each year. In January, the President must account for the acts and policies of the Central Bank in the preceding fiscal year, with emphasis on compliance with the fundamental objective of the Bank, and must explain the objectives and policies planned for the current fiscal year. In July, the President must report on the implementation of monetary, exchange rate and credit policy in the current fiscal year.

Following the appearance of the President or the Vice President of the Bank of Guatemala, the Congress of the Republic may, if it finds the report presented unsatisfactory, by a qualified vote of two-thirds of its members, request the removal of the public official concerned, in which case that official must resign immediately.

The Bank of Guatemala shall publish, on a semiannual basis, a monetary policy report containing an explanation of the operations carried out to achieve the Bank's fundamental objective.

The Bank of Guatemala shall disclose monthly, in the second half of each month, through widely circulated media that the Monetary Board deems appropriate, its balance sheet as of the end of the preceding month, including explanatory notes and a breakdown of administrative expenses. Likewise, the Bank shall make known to the public, at least once a year, its financial statements in analytical form, verified by an independent auditor, and the position of its reserve assets and its liabilities and commitments in foreign currency.

The Bank shall disclose, at least annually, a study containing the most relevant aspects of the national economy. Likewise, it shall disclose the principal macroeconomic statistics on monetary, exchange and credit matters and on the balance of payments, as well as the annual report of the Central Bank's activities, the monetary program, the evaluation of the implementation of monetary, exchange and credit policy, and such other information as the Monetary Board deems necessary. The Monetary Board shall determine the frequency with which such information is disclosed, and for that purpose the Bank shall establish the disclosure mechanisms it deems appropriate.

In order to maintain appropriate disclosure of the actions of the Monetary Board, the President shall arrange for the publication of a detailed summary of such actions when they have implications for monetary, exchange rate and credit policy, or otherwise affect the general liquidity conditions of the country's economy. The summary shall include the arguments for and against what was resolved. The disclosure shall take care to protect confidential aspects that, by their nature, could affect the normal functioning of the markets.

The Bank shall publish in the official gazette and in another newspaper the resolutions issued by the Monetary Board determining monetary, exchange rate, and credit policy, or other resolutions that are of general application to the entities supervised and inspected by the Superintendency of Banks and that affect third parties.

The other resolutions that must be observed by the entities subject to the supervision and inspection of the Superintendency of Banks shall be legally served as notice on those entities.