The Monetary Junta, the highest-ranking financial authority in the DR, pulled the breaks on government spending yesterday. The Monetary Junta issued a resolution that restricts government spending to the average for the last trimester of 1999 through 31 December 2000. The government is instructed to remove from circulation the excess government expenditure over the established average over the remaining nine months of the year. The Monetary Junta also launched 90-day certificates for RD$1,000 million to be purchased by commercial banks in order to reduce money in circulation. The government seeks to neutralize the effects of the drop in government revenue caused by the increase in petroleum prices.
