With Funes El Salvador will maintain dollarization
President-elect Mauricio Funes reiterated that he will not eliminate dollarization because it would involve greater costs for the financial system.
Friday, May 8, 2009
In the "Dialogue on Economic and Social Policies" meeting of the Inter-American Development Bank (IDB), World Bank (WB) and International Monetary Fund (IMF), which he attended with his government team, he was consulted on the steps he would follow to counter dollarization effects.
The candidate for FMLN, which is topping voting polls, said that if he wins the presidency in 2009 he will continue with a dollarized economy and up hold all trade agreements that are in force.
This was stated by Carlos Acevedo, president of the Central Bank, in response to a proposal to return to the Salvadoran colón.
An Argentine expert predicts that if the Salvadoran economy abandons the dollar it would trigger serious social upheaval ... and Argentines know all about that...
Salvadoran President Mauricio Funes has rejected assertions of Vice President Salvador Sanchez about the need to return to a national currency.
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