NewsWhore
08-25-2008, 02:20 PM
Industrialists from Haina feel that the monetary measures adopted up until now have reached their limit. They argue that the government now needs to reduce public spending. The president and spokesman for the Haina Industrial Association, Rafael Alvarez Crespo, said that if the government wants to maintain macro-economic stability it will have to create a balance between monetary and fiscal measures.
He said that reducing the money in circulation is not enough and by reducing expenditures the government could have the same effect as maintaining macro-economic stability.
Alvarez Crespo made these comments as he was asked about the increase in interest rates announced by the Central Bank last Friday. He said that he felt that these measures were temporary in nature.
The Central Bank announced a 9% yield on 180-day certificates of deposit, 12% on 365-day CDs, 13% on 18-month CDs, 14% on 24-month CDs, 16% on 30-month CDs, and 18% on 36-month CDs.
More... (http://www.dr1.com/index.html#5)
He said that reducing the money in circulation is not enough and by reducing expenditures the government could have the same effect as maintaining macro-economic stability.
Alvarez Crespo made these comments as he was asked about the increase in interest rates announced by the Central Bank last Friday. He said that he felt that these measures were temporary in nature.
The Central Bank announced a 9% yield on 180-day certificates of deposit, 12% on 365-day CDs, 13% on 18-month CDs, 14% on 24-month CDs, 16% on 30-month CDs, and 18% on 36-month CDs.
More... (http://www.dr1.com/index.html#5)