Julio Suárez, vice president of the Banguat, said that "currently these funds are part of our international monetary reserves, and if the need arises, they can be used".
"Guatemala's international monetary reserves reached a record $5.243 million, without considering the $935 million approved in the precautionary stand-by agreement with the International Monetary Fund", reports Elperiodico.com.gt.
A record amount of $1.938 billion in gross international reserves has been recorded in the country, a reflection of the stability and economic growth in recent years.
Mario Arana, former president of the Central Bank of Nicaragua (BCN) notes that the policy of fiscal discipline that has been maintained, has allowed the reserves to accumulate, which provide an optimistic outlook on any external shocks generated by the current problems of the industrialized economies.
A week after Antenor Rosales declared that international reserves "are not to be managed according to someone’s whims and preferences", he has been dismissed by President Ortega.
Alberto Guevara, hitherto the Minister of Finance, is the new Chairman of the Board of the Central Bank of Nicaragua. Guevara said that the economic policy of Daniel Ortega’s government will not change.
The country will strengthen its international reserves with a loan by IMF.
The loan was officially communicated by the Central Bank of Nicaragua, who added that: "...these resources provided by the International Monetary Fund will help Nicaragua consolidate its macroeconomic framework by strengthening its international reserves, reinforcing the country's financial security network and easing the impact of the global financial and economic crisis", reported Elnuevodiario.com.
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