Guatemala uses the Guatemalan Quetzal, Peru the Peruvian Sol, and Costa Rica the Costa Rican Colón. These currencies are central to their respective economies, with stable currencies being vital for trade and economic fairness. The concept of a NAFTA common currency, the 'Amero', has been discussed but not implemented.
Step-by-step explanation:
The currencies of Guatemala, Peru, and Costa Rica are an important aspect of their economic identity. Each country has its own currency:
Guatemala uses the Guatemalan Quetzal (GTQ).
Peru uses the Peruvian Sol (PEN).
Costa Rica uses the Costa Rican Colón (CRC).
Fluctuations in these currencies can significantly impact the economies of these countries, considering that a stable currency is crucial for creating larger trading blocs and doing business on an even economic playing field. While the US dollar is widely used around the world, and some countries in Latin America – such as Ecuador, Panama, and El Salvador – have adopted it as their official currency, Guatemala, Peru, and Costa Rica maintain their own distinct currencies. Talk of a common currency for NAFTA, similar to the European Union's euro, has occurred, proposing the 'Amero' as a potential currency. However, this remains a theoretical concept with no current implementation.