Ads champion the value of new dollarized bank accounts.
And some stores have two sets of price tags ready to go. Guatemala moves closer to becoming the fourth Latin American country to adopt the U.S. dollar as its official currency today, when a law allowing residents to demand their paychecks in greenbacks, open bank accounts in dollars and settle bills using any foreign currency takes effect. The government says the plan will open the economy to the global market, and is quick to point out that the almighty dollar will not replace Guatemala's quetzal. Under the new law, businesses aren't required to accept dollars, but will be allowed to accept payment in any foreign currency if they want. But many say this country is well on its way to switching to the greenback to jump-start a sluggish economy.