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El Salvador to Remain Dollarized

Article Summary:

Salvadorian President Mauricio Funes has rejected assertions of Vice President Salvador Sanchez about the need to return to a national currency.

Photo Credit: El Salvador

Original Article Text From El Salvador via Google Translate :

Funes Says will not Reverse Dollarization and Privatization

President Mauricio Funes said today that it will not reverse the dollarization and the remainder of his term not promote privatization of state assets.

Funes acknowledged that dollarization implemented in the country has created advantages and disadvantages, however, considered that to reverse this process started in 2001 “would create uncertainty.”

The president and rejected the claims of Vice President, Salvador Sanchez Ceren, who blamed the dollarization of the current economic crisis, so insists that it must reverse and return to the colon.

Vice President Funes rebuked for not having raised this disagreement with the Economic Cabinet.

He added that privatization will not reverse driven by previous governments to walk or shoot new processes. He denied that the International Monetary Fund (IMF) has requested this as a requirement.

“The IMF is not asking and if you were to ask, are not going to do, start selling state assets and initiate a process of privatization of power generation or generation and distribution of drinking water” he said.

Link to Original Article:

From El Salvador

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