Is it cheaper to borrow in dollars or in quetzales in Guatemala, and what is the risk?

Corporate credit in dollars is appreciably cheaper than in quetzales: in the BVN's July 2025 auctions,… US$ commercial paper from non-bank issuers (PARRENDA, PLAFISE, PARRENDLEASE, PTCUSCATLAN) cleared at 5.50-7.50% against 7.00-8.33% in GTQ,… while a blue-chip bank placed PBICREDIT paper in quetzales at 4.00-4.75% for one year and the system's average lending rate runs at around 12.9%. Borrowing in dollars against quetzal revenue is a currency bet, historically mitigated by the narrow Q7.3-8.2 per dollar band, but a bet all the same.