NewsWhore
05-14-2008, 03:00 PM
The superintendent of banks, Rafael Camilo, has told reporters that the government has put conversations with the International Monetary Fund (IMF) on its post-election agenda, with the idea of reaching a new accord. According to Hoy newspaper, Camilo explained that the agreement would not be the same as the most recent one. The "Stand-by" arrangement was established in order to lessen the impact of the economic crisis generated by the 2003-2004 banking scandals. Camilo said that the current talks are looking at a "watchfulness agreement", adding that the government was not going to ask the IMF for any money since the current hard currency reserves were sufficient.
Camilo is challenging forecasts that claim interest rates would increase in the coming months. He said that the exchange rate remains stable, and changes in the demand for money in the economy are not expected. Furthermore, he said that the Central Bank does not plan to adjust upwards the interest rates on its certificates of deposit. Camilo did say that consumer and mortgage loans are up by 25%.
More... (http://www.dr1.com/index.html#9)
Camilo is challenging forecasts that claim interest rates would increase in the coming months. He said that the exchange rate remains stable, and changes in the demand for money in the economy are not expected. Furthermore, he said that the Central Bank does not plan to adjust upwards the interest rates on its certificates of deposit. Camilo did say that consumer and mortgage loans are up by 25%.
More... (http://www.dr1.com/index.html#9)