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Surge in dollar demand under new currency system in Honduras

Friday, July 29, 2011

\ For the third straight day, the central bank of Honduras reported an “atypical increase” in demand for dollars. The reason lies in the new system, launched on Monday, that varies the exchange rate by means of a currency auction. The change has caused fears that the nation’s currency, the lempira, is going to be devalued.\ \ On Tuesday, the banks and exchange houses that take part in the auction asked for $11.2 million. The amount rose on Wednesday to $127.5 million and yesterday to $147.2 million.\ \ Original source (in Spanish): El Heraldo\ \ \ \