NewsWhore
06-30-2008, 05:30 PM
Seldom in the news and never in headlines, banker Alejandro Grullon featured in both last Saturday as he blasted the Central Bank's policy of high interest CDs that "sucked up" much of the nation's cash. According to Grullon, who is president of the Popular Financial Group, "the lack of liquidity that is affecting the financial sector and the nation's economy is due to the fact that the Central Bank has rounded up all the pesos in order to maintain the exchange rate at the level it has been at over the last few years." According to Listin Diario, Grullon said that "this is not normal" and because of this policy, there is a lack of money available to loan for agriculture and cattle farming. The prominent banker called on the government to reduce spending and to halt non-reproductive investments, and, at the same time, to stimulate investment in agricultural production for the international market as well as for local consumption.
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