The Central Bank announced that it had placed certificates of investment through commercial bank intermediaries at rates of 20 to 24 percent, significantly below the 28- to 30-percent rates announced by the Monetary Board in a resolution dated 6 February. The Diario Libre newspaper reports that Jose Manuel Lopez Valdez, as president of the Association of Commercial Banks, confirmed that the certificates were deposited for terms of 30 and 60 days at rates of 20, 22 and 24 percent. Representatives of the commercial banks held several meetings with the government?s economic team at which they disputed the high rates announced on 6 February.