The credit portfolio of the private banking sector has been seriously affected by the current economic crisis and the application of restrictive credit policies by the Central Bank in connection with the IMF accords. The high interest rates (ranging from 58% to 60%) that the Central Bank is paying for on investment certificates has been drawing the intermediate institutions towards a gradual increase in their active interest rates. Interest rates on loans from local commercial banks have risen nearly 6% since December, while financial institutions have raised their rates by 6.71%. As a result, the production sectors have reduced their operations and their accounts are showing ever-increasing red numbers. Thousands of jobs have been lost. Currently, loans from commercial banks are assessed 35.65% and loans from finance houses 39.79%. Rates on loans from development banks are 42.88%. The total loan portfolio of the banks went from US$4.54 billion in 2003 to US$3.73 billion to June of 2004.