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Article: Honduras imposes dollar restrictions
- Article from:
- Caribbean Update
- Article date:
- July 1, 1994
CopyrightCOPYRIGHT 1994 Caribbean Update, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Honduras' central bank has ordered private commercial banks to resume selling 50% of their export dollars to the central bank at current official rates of exchange. Honduran press reports on May 25 criticized the decision to return to earlier cash reserve requirements, which had been modified under the policies of former President Rafael Callejas. Critics said the move would restrict the solvency of the banking system and decrease investment possibilities. The San Pedro Sula newspaper Tiempo said "the restrictions on handling foreign currency...will hamper exports and provoke immediate distrust among investors in the country's economic and exchange stability."
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