El Salvador dollarisation brings glimmer of growth

Following President Flores's recent announcement concerning the "dollarisation" of the Salvadoran economy, he has outlined the process behind this decision.

He pledged to anchor the colon to the dollar at his inauguration and has spent the last eight months developing his economic recovery plan with the support of the IMF, IADB and World Bank. He believes this pegging of the two currencies to be a step towards Central American integration, although initially of greater benefit to Salvadorans.

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