The signing of the Peace Accords in December 1996, which ended 36 years of civil war, removed a major obstacle to foreign investment. Debt service costs should decline in 1998. Remaining challenges for the administration in 1998 include completing a deal with the IMF and stabilizing monetary policy. Throughout 1997, the Central Bank maintained a tight money supply, helping to control inflation, but it also caused high interest rates and led to operating losses for the bank. Early in 1998, it relaxed its monetary policy in an effort to correct these problems, but increased pressure on the quetzal has prompted the bank to intervene to prop up its value.
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