2003News

Hope for reversal of exchange commission

Central Bank Governor Jose Lois Malkum told senators yesterday that it was possible that the increase in the exchange rate commission on imports, as announced last month, could be reversed, providing the IMF agreement makes way for alternative income-generation mechanisms. In a letter to Senate leader Jesus Vasquez Martinez, Malkum outlined the reasons for this increase, but gave rise to hopes that the increase could be canceled: “What I can guarantee is that once Congress passes one or more laws that address the government’s income-generation problems in order to comply with the IMF, we would be in the best position to abandon this surcharge with immediate effect.”