A sudden drop in the value of the Lempira disturbs the economic sectors – Diario La Tribuna
The sudden drop of the lempira against the dollar by as much as three cents a day in recent weeks has worried Honduran economic sectors, while the Economic Cabinet has demanded explanations for this trend, especially the authorities of the Central Bank of Honduras (BCH). .
For banker Jorge Bueso Arias, recent changes in the reference exchange rate (RER) cannot be explained. The source warned that since August 13, the course of the currency revaluation changed abruptly and began to decline at a rate of 2 or 3 US cents per day, in such a way that the lambera according to its estimates within about a month. Its value has decreased by 34 cents.
He explained that there was no valid explanation for such a devaluation because none of the indicators used by the BCH had changed for this type of difference.
“The internal and external inflation rate has not changed and above all the volume of foreign exchange reserves held by the central bank,” Arias said, later noting that international reserves exceed $9.2 billion and cover more than 8 months of import.
Similarly, the government received what can be called dividends from the International Monetary Fund (IMF), for about $340 million, which was converted into a national currency adding up to 8.4 billion lempira.
For her part, the former president of the College of Honduran Economists (CHE), Liliana Castillo, warned that the accelerated depreciation of the lempira against the dollar will have a strong impact on the national economy.
Castillo estimated that “the depreciation of the lempira will affect not only the value of fuel, but also the import of consumer goods, raw materials for intermediate products and capital.”
He concluded that “this reduction will have a strong impact on the national economy, but it will generate more income for the government, because with the depreciation of the currency, the cost of products will rise, especially those imported as most of them use fuel or electricity.”
Figures from the BCH confirm that at the end of August 2021, the official reserve assets (ARO) balance was $9,264.0 million. The coverage of international reserves, according to the methodology of the International Monetary Fund (IMF), was 8.2 months of imports of goods and services. Meanwhile, the balance of net international reserves (RIN) was $8,962.7 million, an increase of $813.9 million over that observed at the end of 2020; Conduct attributable to net foreign exchange purchases of $1202.5 million, other net income of $130.8 million and donations of $15.7 million; It was offset by fuel imports of $301.8 million and net debt service of $233.3 million.