Macroeconomic Forecast Honduras

Honduras's foreign currency reserve levels were down to US$2.6bn in August 2011, from US$3.1bn the previous month, and have dipped below the psychologically significant level of US$3.0bn for the first time since April. While the central bank continues to sell dollars to control the currency, we still expect foreign reserves to end 2011 near our forecast of US$2.6bn, although any step-up in currency intervention could pose significant downside risk to this

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