Adamant: Hardest metal
Wednesday, June 4, 2003

Venezuela central bank cuts discount rate to 32 pct
Posted by click at 9:20 PM in Political Vendetta

Reuters, 05.29.03, 3:47 PM ET

CARACAS, Venezuela, May 29 (Reuters) - Venezuela's Central Bank Thursday lowered its discount rate for local banks seeking to borrow money to meet reserve requirements to 32 percent from 36 percent, the bank's Web page said.

The discount rate cut was effective Thursday. The Central Bank on April 10 had lowered the rate to 36 percent from 39 percent.

The latest reduction came as leftist President Hugo Chavez's government continued to apply tight currency controls and price curbs to shore up international reserves and the bolivar currency. (Reporting by Ana Isabel Martinez; editing by Gunna Dickson; Reuters messaging:

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