[NYTr] Nicaraguan Beans, Corn Help Cushion Blows to Economy
 
Date: Wed, 29 Aug 2007 21:32:28 -0500 (CDT)


Via NY Transfer News Collective  *  All the News that Doesn't Fit
 
Prensa Latina, Havana
http://www.plenglish.com

Nicaraguan Beans, Corn Help Cushion Blows to Economy

Managua, Aug 29 (Prensa Latina) Nicaraguan economy will grow from
3.7 and 3.9 percent in 2007, as initially planned by the government,
announced Antenor Rosales, president of the Central Bank.

According to Rosales a series of factors affect this growth.
Some are the fall of coffee prices, international increase of oil
prices and energy crisis confronting the country that forced a
readjustment of growth plans for the year.

He added, however, that the increased production of beans and
corn served to cushion the blow.

The Bank president warned that, consequently, inflation is above 7.3
percent, initially calculated from 9.0 and 9.5 by the end of the year.

Rosales explained that initial evaluations were made on the
basis of an average of oil prices of 61.4 dollars a barrel but crude
rose to over 65 dollars.

Rationing of electricity up to six hours a day and the fall of
the United States economy caused a reduction of remittances to
Nicaragua, which also forced a modification of economic plans in 2007,
he pointed out.

hr/ucl/nm/avp/mf
 
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