Honduras announces changes for operations in US dollars
The Central Bank announced that it will temporarily suspend all liquid operation in dollars in the banking system.
Wednesday, January 14, 2009
Latribuna.hn reports: "The purpose of the measures is to alleviate pressure on the short term markets for financing in US dollars.
Starting on December 6, the legal reserves in local currency will be reduced to 0% and will be lowered by five points for deposits in foreign currency.
According to the president of the BCH, Edwin Arague, the economic sector of the country will not negotiate any stand by agreement with the IMF since the entity is pressuring them to devalue the local currency.
Guatemala's Monteary Committe kept the leading seven-day interest rate at 6.75 percent. the rate is one of the government's tools to control prices.
In order to reduce the effects of the economic slow down, some politicians are turning to monetary policy or the Central Bank. They believe that by printing more money there will be more wealth, more investment and more employment.
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