Honduras: Selected Issues

International Monetary Fund

doi:10.5089/9781451817041.002.A005

Author:

International Monetary Fund

International Monetary Fund
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Publication Date:: 20 Nov 1998

eISBN:: 9781451817041

ISBN:: 9781451817041

Language:: English

Keywords:: ISCR; CR; exchange rate; authority; central bank; rate; Honduras; exchange house; representative exchange rate; exchange peg; nominal exchange rate; central bank of Honduras; Interbank markets; Exchange rate arrangements; International reserves; Central America; government's exchange rate policy

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This Selected Issues paper analyzes growth performance and constraints for Honduras’ economy. The findings indicate that Honduras’ low growth rates in real per capita GDP reflect the influence of a combination of factors. Policy- and efficiency-related variables, exogenous shocks, and political uncertainty seem to have had less of a negative influence on growth in Honduras than they have had on the comparator groups. Instead, low growth appears to be closely related to the low productivity of labor and capital, and the poor composition of investment and inadequate physical infrastructure.

Abstract

V. Exchange System⁴¹

A. Antecedents to the Present Exchange System

61. After the collapse of the exchange peg in 1990 that was triggered by the expansionary policies of the 1980s, the central bank initiated efforts to reform the exchange system. Under these initial reforms, a number of distortions and exchange restrictions that had been used to defend the exchange peg were eliminated. Also, all restrictions on the holdings of foreign exchange deposits in the commercial banks and on their use were removed, and most foreign exchange transactions were shifted to the commercial banks, and conducted at freely negotiated rates within a band of 2.5 percent around the official rate. In turn, the central bank set the official exchange rate on the basis of conditions prevailing in the interbank and parallel markets.

62. The exchange system was liberalized further in 1992 as the lempira was allowed to float freely in the interbank market. The central bank intervened in the foreign exchange market only to ensure that its target for net international reserves was met, but banks and exchange houses were obliged to surrender 20 percent of their foreign exchange purchases. Under the reform, the lempira depreciated substantially (50 percent in real effective terms during the period 1990–92), and helped restore external competitiveness in the face of a decline in the terms of trade (30 percent during the same period). Also, the exchange rate spread between the parallel and official markets declined to less than 2 percent from the much higher differentials (at times, as high as 70 percent) observed prior to 1990.

63. Financial policies were relaxed in the wake of a general election in November 1993, and the exchange rate depreciated further, i.e., by 17 percent in real terms in the 18-month period ended in mid-1994. Imperfections in the functioning of the interbank market amplified the volatility in the exchange rate in this period, and in June 1994 the authorities decided to suspend temporarily the exchange rate float. It was expected that an auction mechanism would be introduced as a temporary measure while weaknesses in the interbank market were addressed. Steps were identified in 1994, with the technical assistance from the Fund, to improve the infrastructure, increase supervision, and enhance transparency in the interbank market. However, progress in implementing these steps was slow and the auction has been converted into a virtually permanent arrangement.

B. The Interbank Market

64. For many years, the development of the interbank market had been inhibited by a high degree of concentration in the banking system and the active role of the central bank as a provider of short-term liquidity. These conditions changed little with the advent of floating in the context of the interbank market, with the result that the market lacked sufficiently broad participation by financial institutions which led to some concerns about collusion among the main, large participants. The key problems that had impaired the functioning of the interbank market centered on the following areas:

Inadequate trading infrastructure: Lack of trading desks and an underdeveloped clearing system for foreign exchange operations resulted in low trading activity among intermediaries (banks and exchange houses) and poor dissemination of data within the market. Appropriate information standards were not put in place, making it difficult to obtain a representative exchange rate used in daily operations with the public.
High concentration of operations in a few banks: Six banks accounted for an estimated half of foreign exchange purchased from the public. This situation limited access to the exchange market because those banks were inclined to sell foreign exchange to their associated industrial and/or trading groups. Smaller agents usually looked to the parallel market to satisfy their foreign exchange needs.
Insufficient supervision and restrictive regulations: Lack of prudential standards, including a conduct code for operators, made supervision of intermediaries weak. The central bank maintained restrictive foreign exchange regulations that resulted in high surrender requirements (up to 50 percent of purchases); purchases of exchange surrenders at below-market exchange rates; and a structure of operating fees, which did not permit intermediaries to determine their own spread.
Weak instruments of monetary policy: The central bank continued to be an important source of short-term liquidity, preventing the development of an interbank market and secondary trading of open market instruments. Also, weak enforcement of existing reserve requirements, and the absence of limits on open foreign exchange positions allowed banks to satisfy their liquidity requirements without recourse to other financial intermediaries.

C. Features of the Present Exchange System

65. The exchange system is based on a daily foreign exchange auction conducted by the central bank. The supply of foreign exchange to the auction is based on the requirement for full surrender of all current proceeds, except for exports to Central America and private remittances. Currently, the central bank offers for sale in the auction a minimum of 60 percent of its purchases of foreign exchange from banks and other authorized institutions. This minimum amount, as well as the base price obtained in the previous day’s auction are announced before each new auction. Prospective buyers in the auction have to make offers to purchase amounts ranging from US$5,000 to US$300,000, and the auction rate is determined as the average of accepted bids on the basis of a Dutch auction, and may not exceed the base rate⁴² by +/- 7 percent. Regarding the buying and selling rate spread, current rules mandate that intermediaries sell foreign exchange with a markup of up to 1.5 percent over the auction rate and that the central bank buys foreign exchange at the auction rate of the previous day plus a commission of 0.6 percent.

D. Recent Exchange Rate Developments

66. Over most of the period from June 1994 to December 1996, the exchange rate was at the most depreciated limit of the bidding band and, in view of the authorities’ policy of maintaining unchanged the nominal exchange rate, rationing of foreign exchange had to be used as the basis for meeting demands and the real exchange rate appreciated sharply. Despite this, the spread between the parallel and auction exchange rates remained small. The net international reserves position of the central bank improved significantly during this period while short-term private capital inflows emerged, reflecting a sharp increase in domestic interest rates. The interest rate differential between central bank instruments and those available in the United States rose from about 10 percent at end-1994 to close to 30 percent at end-1996 (Figure 5).

67. The central bank continued to pursue a policy of maintaining largely fixed the nominal exchange rate during 1997 in an attempt to hold down inflationary pressures. This policy, combined with a marked inflow of short-term private capital inflows that stemmed from high interest rates and the government’s exchange rate policy, led to a marked increase in net international reserves and sales of foreign exchange in the auction (Tables 1 and 2),⁴³ and the real exchange rate appreciated by almost 17 percent. The rate of appreciation slowed slightly in the first half of 1998 in line with a small decline in coffee prices and a downturn in capital inflows.

Table 1.

Honduras: Foreign Exchange Operations in the Auction

(Monthly average in millions of U.S. dollars)

Source: Central Bank of Honduras.

^{^1/}In June 1996 the amount offered became the minimum amount to be sold in the auction.

Table 1.

Honduras: Foreign Exchange Operations in the Auction

(Monthly average in millions of U.S. dollars)

Period	Purchases by the Central Bank	Amount Supplied ^1/	Amount Sold
1994
III	85.4	60.0	59.9
IV	120.9	65.6	64.4
1995
I	137.5	104.8	95.1
II	104.9	73.1	73.1
III	70.3	49.3	49.2
IV	94.6	46.2	44.7
1996
I	99.7	68.6	68.6
II	103.5	62.5	66.0
III	90.3	56.2	61.2
IV	108.4	53.7	58.5
1997
I	148.7	52.0	87.7
II	134.6	57.2	75.7
III	131.1	62.0	98.8
IV	168.5	66.0	120.9
1998
I	219.3	75.0	147.6
II	194.0	65.2	126.7

Source: Central Bank of Honduras.

^{^1/}In June 1996 the amount offered became the minimum amount to be sold in the auction.

Table 1.

Honduras: Foreign Exchange Operations in the Auction

(Monthly average in millions of U.S. dollars)

Period	Purchases by the Central Bank	Amount Supplied ^1/	Amount Sold
1994
III	85.4	60.0	59.9
IV	120.9	65.6	64.4
1995
I	137.5	104.8	95.1
II	104.9	73.1	73.1
III	70.3	49.3	49.2
IV	94.6	46.2	44.7
1996
I	99.7	68.6	68.6
II	103.5	62.5	66.0
III	90.3	56.2	61.2
IV	108.4	53.7	58.5
1997
I	148.7	52.0	87.7
II	134.6	57.2	75.7
III	131.1	62.0	98.8
IV	168.5	66.0	120.9
1998
I	219.3	75.0	147.6
II	194.0	65.2	126.7

Source: Central Bank of Honduras.

^{^1/}In June 1996 the amount offered became the minimum amount to be sold in the auction.

Table 2.

Honduras: Net International Reserve Coverage

Source: Central Bank of Honduras.

Table 2.

Honduras: Net International Reserve Coverage

	Dec.		1997				1998
	1995	1996	March	June	Sept.	Dec.	March	June
(In millions of U.S. dollars; end of period stocks)
Net international reserves	113.2	211.0	314.1	425.6	445.6	491.5	606.0	639.8
Short-term liabilities	282.2	343.7	514.1	578.1	576.0	614.8	753.0	692.2
Currency issue	200.9	201.6	209.0	201.4	180.3	250.1	262.2	234.5
Reserve requirements	72.3	120.0	217.4	257.3	253.1	307.2	332.0	308.0
Bonds	9.0	22.1	87.7	119.4	142.6	57.5	158.9	149.7
(In percent of net international reserves)
Short-term liabilities	249.4	162.9	163.7	135.8	129.3	125.1	124.3	108.2
Currency issue	177.5	95.6	66.5	47.3	40.5	50.9	43.3	36.7
Reserve requirements	63.9	56.9	69.2	60.5	56.8	62.5	54.8	48.1
Bonds	7.9	10.5	27.9	28.1	32.0	11.7	26.2	23.4
(In percent of liabilities)
Short-term liabilities	40.1	61.4	61.1	73.6	77.4	79.9	80.5	92.4
Currency issue	56.3	104.6	150.3	211.3	247.2	196.5	231.1	272.8
Reserve requirements	156.5	175.8	144.5	165.4	176.1	160.0	182.6	207.7
Bonds	1,258.5	956.2	358.1	356.4	312.4	855.1	381.5	427.3
Memorandum items:
Net foreign assets of the banking system (In millions of U.S. dollars)	19.4	63.0	38.0	73.8	55.3	8.4	1.2	…
Exchange rate (L per US$)	10.34	12.87	12.74	13.07	13.09	13.09	13.16	13.32

Source: Central Bank of Honduras.

Table 2.

Honduras: Net International Reserve Coverage

	Dec.		1997				1998
	1995	1996	March	June	Sept.	Dec.	March	June
(In millions of U.S. dollars; end of period stocks)
Net international reserves	113.2	211.0	314.1	425.6	445.6	491.5	606.0	639.8
Short-term liabilities	282.2	343.7	514.1	578.1	576.0	614.8	753.0	692.2
Currency issue	200.9	201.6	209.0	201.4	180.3	250.1	262.2	234.5
Reserve requirements	72.3	120.0	217.4	257.3	253.1	307.2	332.0	308.0
Bonds	9.0	22.1	87.7	119.4	142.6	57.5	158.9	149.7
(In percent of net international reserves)
Short-term liabilities	249.4	162.9	163.7	135.8	129.3	125.1	124.3	108.2
Currency issue	177.5	95.6	66.5	47.3	40.5	50.9	43.3	36.7
Reserve requirements	63.9	56.9	69.2	60.5	56.8	62.5	54.8	48.1
Bonds	7.9	10.5	27.9	28.1	32.0	11.7	26.2	23.4
(In percent of liabilities)
Short-term liabilities	40.1	61.4	61.1	73.6	77.4	79.9	80.5	92.4
Currency issue	56.3	104.6	150.3	211.3	247.2	196.5	231.1	272.8
Reserve requirements	156.5	175.8	144.5	165.4	176.1	160.0	182.6	207.7
Bonds	1,258.5	956.2	358.1	356.4	312.4	855.1	381.5	427.3
Memorandum items:
Net foreign assets of the banking system (In millions of U.S. dollars)	19.4	63.0	38.0	73.8	55.3	8.4	1.2	…
Exchange rate (L per US$)	10.34	12.87	12.74	13.07	13.09	13.09	13.16	13.32

Source: Central Bank of Honduras.

STATISTICAL APPENDIX

Table 1.

Honduras: National Accounts

(In millions of current lempiras)

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 1.

Honduras: National Accounts

(In millions of current lempiras)

						Prel.
		1993	1994	1995	1996	1997
Consumption		17,442	21,646	28,606	37,762	48,515
General government		2,405	2,780	3,535	4,556	5,377
Private sector		15,037	18,866	25,071	33,206	43,138
Gross domestic investment		7,614	10,861	11,836	14,510	18,318
Fixed capital formation		6,535	8,110	8,994	11,110	14,425
	Public sector	2,839	3,001	3,504	3,929	4,095
	Private sector	3,696	5,109	5,490	7,181	10,330
Inventory changes		1,079	2,751	2,842	3,400	3,893
Gross domestic expenditure		25,056	32,507	40,442	52,272	66,833
Exports of goods and nonfactor services		7,107	10,201	14,158	19,386	23,342
Imports of goods and nonfactor services		-9,474	-13,846	-17,094	-23,884	-29,090
GDP at market prices		22,689	28,862	37,507	47,774	61,084
Net factor payments		-906	-740	-967	-659	975
	Factor receipts from abroad	673	1,232	1,799	2,755	4,467
	Factor payments abroad	-1,579	-1,972	-2,767	-3,415	-3,492
GNP at market prices		21,783	28,123	36,539	47,114	62,059
Indirect taxes		3,314	4,230	4,976	6,733	8,332
Subsidies		120	138	95	130	120
GDP at factor cost		19,495	24,770	32,626	41,171	52,872
GNP at factor cost		18,589	24,031	31,658	40,511	53,847
Depreciation		-1,372	-1,707	-2,258	-2,798	-3,390
National income		17,217	22,324	29,400	37,713	50,457

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 1.

Honduras: National Accounts

(In millions of current lempiras)

						Prel.
		1993	1994	1995	1996	1997
Consumption		17,442	21,646	28,606	37,762	48,515
General government		2,405	2,780	3,535	4,556	5,377
Private sector		15,037	18,866	25,071	33,206	43,138
Gross domestic investment		7,614	10,861	11,836	14,510	18,318
Fixed capital formation		6,535	8,110	8,994	11,110	14,425
	Public sector	2,839	3,001	3,504	3,929	4,095
	Private sector	3,696	5,109	5,490	7,181	10,330
Inventory changes		1,079	2,751	2,842	3,400	3,893
Gross domestic expenditure		25,056	32,507	40,442	52,272	66,833
Exports of goods and nonfactor services		7,107	10,201	14,158	19,386	23,342
Imports of goods and nonfactor services		-9,474	-13,846	-17,094	-23,884	-29,090
GDP at market prices		22,689	28,862	37,507	47,774	61,084
Net factor payments		-906	-740	-967	-659	975
	Factor receipts from abroad	673	1,232	1,799	2,755	4,467
	Factor payments abroad	-1,579	-1,972	-2,767	-3,415	-3,492
GNP at market prices		21,783	28,123	36,539	47,114	62,059
Indirect taxes		3,314	4,230	4,976	6,733	8,332
Subsidies		120	138	95	130	120
GDP at factor cost		19,495	24,770	32,626	41,171	52,872
GNP at factor cost		18,589	24,031	31,658	40,511	53,847
Depreciation		-1,372	-1,707	-2,258	-2,798	-3,390
National income		17,217	22,324	29,400	37,713	50,457

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 2.

Honduras: National Accounts at Constant Prices

(In millions of 1978 lempiras)

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 2.

Honduras: National Accounts at Constant Prices

(In millions of 1978 lempiras)

						Prel.
		1993	1994	1995	1996	1997
Consumption		4,495	4,506	4,843	4,940	5,148
General government		532	505	496	516	548
Private sector		3,963	4,001	4,347	4,424	4,600
Gross domestic investment		1,693	1,817	1,621	1,700	1,782
Fixed capital formation		1,516	1,514	1,312	1,387	1,502
	Public sector	665	548	490	457	385
	Private sector	851	966	822	930	1,117
Inventory changes		177	303	309	313	280
Gross domestic expenditure		6,188	6,323	6,463	6,640	6,930
Exports of goods and nonfactor services		1,547	1,366	1,511	1,633	1,570
Imports of goods and nonfactor services		-1,750	-1,782	-1,826	-1,899	-1,842
GDP at market prices		5,985	5,907	6,148	6,374	6,658
Net factor payments		-143	-89	-102	-39	75
	Factor receipts from abroad	149	165	194	234	295
	Factor payments abroad	-292	-254	-296	-273	-220
GNP at market prices		5,842	5,818	6,047	6,335	6,733
Indirect taxes		-612	-634	-576	-629	-648
Subsidies		23	21	11	12	9
GDP at factor cost		5,396	5,294	5,583	5,757	6,019
GNP at factor cost		5,253	5,205	5,482	5,718	6,094
Depreciation		-335	-343	-353	-360	-368
National income		4,918	4,862	5,129	5,358	5,726
Terms of trade effect		-259	-60	2	-107	-113
National income adjusted by terms of trade		4,659	4,802	5,131	5,251	5,613

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 2.

Honduras: National Accounts at Constant Prices

(In millions of 1978 lempiras)

						Prel.
		1993	1994	1995	1996	1997
Consumption		4,495	4,506	4,843	4,940	5,148
General government		532	505	496	516	548
Private sector		3,963	4,001	4,347	4,424	4,600
Gross domestic investment		1,693	1,817	1,621	1,700	1,782
Fixed capital formation		1,516	1,514	1,312	1,387	1,502
	Public sector	665	548	490	457	385
	Private sector	851	966	822	930	1,117
Inventory changes		177	303	309	313	280
Gross domestic expenditure		6,188	6,323	6,463	6,640	6,930
Exports of goods and nonfactor services		1,547	1,366	1,511	1,633	1,570
Imports of goods and nonfactor services		-1,750	-1,782	-1,826	-1,899	-1,842
GDP at market prices		5,985	5,907	6,148	6,374	6,658
Net factor payments		-143	-89	-102	-39	75
	Factor receipts from abroad	149	165	194	234	295
	Factor payments abroad	-292	-254	-296	-273	-220
GNP at market prices		5,842	5,818	6,047	6,335	6,733
Indirect taxes		-612	-634	-576	-629	-648
Subsidies		23	21	11	12	9
GDP at factor cost		5,396	5,294	5,583	5,757	6,019
GNP at factor cost		5,253	5,205	5,482	5,718	6,094
Depreciation		-335	-343	-353	-360	-368
National income		4,918	4,862	5,129	5,358	5,726
Terms of trade effect		-259	-60	2	-107	-113
National income adjusted by terms of trade		4,659	4,802	5,131	5,251	5,613

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 3.

Honduras: Origin of Gross Domestic Product

Source: Central Bank of Honduras.

Table 3.

Honduras: Origin of Gross Domestic Product

	1993	1994	1995	1996	Prel. 1997
(In millions of current lempiras)
Gross domestic product at factor cost	19,495	24,770	32,779	41,648	53,330
Primary production	4,383	6,484	7,655	9,946	12,868
Agriculture and related sectors	4,014	6,030	7,026	9,188	11,971
Mining	369	454	629	763	920
Secondary production	5,502	6,679	9,540	12,231	15/504
Manufacturing	3,456	4,275	5,818	7,455	9,535
Construction	1,457	1,465	1,791	1,900	2,268
Utilities	589	939	1,778	2,540	3,263
Services	9,610	11,607	15,584	19,471	24,958
Transport and communications	1,116	1,309	1,546	1,824	2,557
Commercial services	2,056	2,555	3,915	4,903	6,264
Financial services	1,654	2,205	3,007	3,678	5,061
Housing services	1,162	1,441	1,832	2,317	2,941
Public administration	1,509	1,547	1,912	2,429	2,896
Other services	2,113	2,550	3,372	4,174	5,196
(In millions of 1978 lempiras)
Gross domestic product at factor cost	5,396	5,290	5,603	5,796	6,045
Primary production	1,490	1,499	1,636	1,681	1,737
Agriculture and related sectors	1,404	1,416	1,540	1,578	1,629
Mining	86	83	96	103	108
Secondary production	1,297	1,210	1,275	1,325	1,371
Manufacturing	813	798	842	881	935
Construction	344	282	264	234	240
Utilities	140	130	149	172	185
Services	2,609	2,581	2,692	2,790	2,938
Transport and communications	456	443	477	498	532
Commercial services	572	572	604	631	653
Financial services	449	479	524	555	606
Housing services	347	361	369	384	399
Public administration	334	281	269	275	273
Other services	451	449	449	446	459

Source: Central Bank of Honduras.

Table 3.

Honduras: Origin of Gross Domestic Product

	1993	1994	1995	1996	Prel. 1997
(In millions of current lempiras)
Gross domestic product at factor cost	19,495	24,770	32,779	41,648	53,330
Primary production	4,383	6,484	7,655	9,946	12,868
Agriculture and related sectors	4,014	6,030	7,026	9,188	11,971
Mining	369	454	629	763	920
Secondary production	5,502	6,679	9,540	12,231	15/504
Manufacturing	3,456	4,275	5,818	7,455	9,535
Construction	1,457	1,465	1,791	1,900	2,268
Utilities	589	939	1,778	2,540	3,263
Services	9,610	11,607	15,584	19,471	24,958
Transport and communications	1,116	1,309	1,546	1,824	2,557
Commercial services	2,056	2,555	3,915	4,903	6,264
Financial services	1,654	2,205	3,007	3,678	5,061
Housing services	1,162	1,441	1,832	2,317	2,941
Public administration	1,509	1,547	1,912	2,429	2,896
Other services	2,113	2,550	3,372	4,174	5,196
(In millions of 1978 lempiras)
Gross domestic product at factor cost	5,396	5,290	5,603	5,796	6,045
Primary production	1,490	1,499	1,636	1,681	1,737
Agriculture and related sectors	1,404	1,416	1,540	1,578	1,629
Mining	86	83	96	103	108
Secondary production	1,297	1,210	1,275	1,325	1,371
Manufacturing	813	798	842	881	935
Construction	344	282	264	234	240
Utilities	140	130	149	172	185
Services	2,609	2,581	2,692	2,790	2,938
Transport and communications	456	443	477	498	532
Commercial services	572	572	604	631	653
Financial services	449	479	524	555	606
Housing services	347	361	369	384	399
Public administration	334	281	269	275	273
Other services	451	449	449	446	459

Source: Central Bank of Honduras.

Table 4.

Honduras: Financing of Investment

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Equivalent to the current account balance of the nonfinancial public sector.

^{^2/}Equivalent to the sum of GNP plus external transfers.

Table 4.

Honduras: Financing of Investment

		1993	1994	1995	1996	1997 Prel.
(In millions of lempiras)
Gross domestic investment		7,614	10,861	11,836	14,510	18,318
Fixed capital formation		6,535	8,110	8,994	11,110	14,425
	Public sector	2,839	3,001	3,504	3,929	4,095
	Private sector	3,696	5,109	5,490	7,181	10,330
Change in inventories		1,079	2,751	2,842	3,400	3,893
Financing of investment		7,614	10,861	11,836	14,510	18,318
Gross national savings		5,770	8,305	10,413	12,649	17,600
	Public sector ^1/	448	1,010	2,666	2586	3481
	Private sector	5,322	7,295	7,747	10,063	14,119
External savings		1,844	2,556	1,423	1,861	718
(In percent of GDP)
Gross domestic investment		33.6	37.6	31.6	30.4	30.0
Fixed capital formation		28.8	28.1	24.0	23.3	23.6
	Public sector	12.5	10.4	9.3	8.2	6.7
	Private sector	16.3	17.7	14.6	15.0	16.9
Change in inventories		4.8	9.5	7.6	7.1	6.4
Financing of investment		33.6	37.6	31.6	30.4	30.0
Gross national savings		25.4	28.8	27.8	26.5	28.8
	Public sector ^1/	2.0	3.5	7.1	5.4	5.7
	Private sector	23.5	25.3	20.7	21.1	23.1
External savings		8.1	8.9	3.8	3.9	1.2
Gross national savings as percent
	of national disposable income	25.1	27.8	26.7	25.1	26.6
Memorandum items:
Nominal GDP (in millions of lempiras)		22,689	28,862	37,507	47,774	61,084
Average exchange rate
	(lempira/U.S. dollar)	6.5	8.4	9.5	11.7	13.0
National disposable income ^2/		22,988	29,917	39,026	50,391	66,113

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Equivalent to the current account balance of the nonfinancial public sector.

^{^2/}Equivalent to the sum of GNP plus external transfers.

Table 4.

Honduras: Financing of Investment

		1993	1994	1995	1996	1997 Prel.
(In millions of lempiras)
Gross domestic investment		7,614	10,861	11,836	14,510	18,318
Fixed capital formation		6,535	8,110	8,994	11,110	14,425
	Public sector	2,839	3,001	3,504	3,929	4,095
	Private sector	3,696	5,109	5,490	7,181	10,330
Change in inventories		1,079	2,751	2,842	3,400	3,893
Financing of investment		7,614	10,861	11,836	14,510	18,318
Gross national savings		5,770	8,305	10,413	12,649	17,600
	Public sector ^1/	448	1,010	2,666	2586	3481
	Private sector	5,322	7,295	7,747	10,063	14,119
External savings		1,844	2,556	1,423	1,861	718
(In percent of GDP)
Gross domestic investment		33.6	37.6	31.6	30.4	30.0
Fixed capital formation		28.8	28.1	24.0	23.3	23.6
	Public sector	12.5	10.4	9.3	8.2	6.7
	Private sector	16.3	17.7	14.6	15.0	16.9
Change in inventories		4.8	9.5	7.6	7.1	6.4
Financing of investment		33.6	37.6	31.6	30.4	30.0
Gross national savings		25.4	28.8	27.8	26.5	28.8
	Public sector ^1/	2.0	3.5	7.1	5.4	5.7
	Private sector	23.5	25.3	20.7	21.1	23.1
External savings		8.1	8.9	3.8	3.9	1.2
Gross national savings as percent
	of national disposable income	25.1	27.8	26.7	25.1	26.6
Memorandum items:
Nominal GDP (in millions of lempiras)		22,689	28,862	37,507	47,774	61,084
Average exchange rate
	(lempira/U.S. dollar)	6.5	8.4	9.5	11.7	13.0
National disposable income ^2/		22,988	29,917	39,026	50,391	66,113

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Equivalent to the current account balance of the nonfinancial public sector.

^{^2/}Equivalent to the sum of GNP plus external transfers.

Table 5.

Honduras: Composition of Fixed Capital Formation

(In millions of current lempiras)

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 5.

Honduras: Composition of Fixed Capital Formation

(In millions of current lempiras)

					Prel.
	1993	1994	1995	1996	1997
Gross fixed capital formation	6,535	8,110	8,994	11,110	14,425
Machinery and equipment	2,617	4,245	4,477	6,296	8,685
Public sector	228	700	1,646	1,567	1,473
Private sector	2,389	3,545	2,831	4,729	7,212
Construction	3,918	3,865	4,517	4,814	5,740
Public sector	2,611	2,301	1,858	2,362	2,622
Private sector	1,307	1,564	2,659	2,452	3,118

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 5.

Honduras: Composition of Fixed Capital Formation

(In millions of current lempiras)

					Prel.
	1993	1994	1995	1996	1997
Gross fixed capital formation	6,535	8,110	8,994	11,110	14,425
Machinery and equipment	2,617	4,245	4,477	6,296	8,685
Public sector	228	700	1,646	1,567	1,473
Private sector	2,389	3,545	2,831	4,729	7,212
Construction	3,918	3,865	4,517	4,814	5,740
Public sector	2,611	2,301	1,858	2,362	2,622
Private sector	1,307	1,564	2,659	2,452	3,118

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 6.

Honduras: Statistics on Selected Agricultural Products

(Area in thousands of hectares; production and exports in thousands of quintals; yield in quintals per hectare; values in millions of current lempiras)

Source: Central Bank of Honduras.

Table 6.

Honduras: Statistics on Selected Agricultural Products

(Area in thousands of hectares; production and exports in thousands of quintals; yield in quintals per hectare; values in millions of current lempiras)

							Prel.
			1993	1994	1995	1996	1997
Bananas
Area			22	19	20	20	20
Yield			948	897	956	1,127	1,042
Volume of production			20,751	17,049	19,110	22,534	20,848
	Of which
		Exported	14,530	10,730	12,690	15,499	13,250
Gross value of production			1,631	1,626	2,408	3,254	3,300
Value added			379	409	635	1,023	1,017
Coffee
Area			174	181	192	202	205
Yield			15	14	15	16	16
Volume of production			2,665	2,597	2,919	3,210	3,217
	Of which
		Exported	2,225	2,241	2,343	2,687	2,246
Gross value of production			959	2,295	3,376	3,365	5,096
Value added			908	2,270	2,136	2,827	4,281
Corn
Area			415	382	417	386	390
Yield			32	29	36	30	34
Volume of production			13,163	11,200	14,889	11,689	13,440
Gross value of production			558	784	1,063	1,322	1,722
Value added			351	494	670	833	1,085
Beans
Area			58	99	96	92	108
Yield			15	13	15	13	15
Volume of production			857	1,310	1,426	1,195	1,643
Gross value of production			159	287	228	556	791
Value added			63	115	91	222	317
Rice
Area			11	12	14	17	18
Yield			77	87	88	78	62
Volume of production			852	1,047	1,238	1,318	1,109
Gross value of production			45	65	89	137	132
Value added			15	22	29	45	44
Plantains
Area			11	8	8	8	8
Yield			346	538	527	559	567
Volume of production			3,908	4,303	4,218	4,469	4,536
	Of which
		Exported	519	654	628	0	0
Gross value of production			172	267	299	388	495
Value added			105	180	182	222	282
Sorghum
Area			81	65	71	79	95
Yield			25	18	19	24	22
Volume of production			1,990	1,143	1,369	1,888	2,117
Gross value of production			72	65	82	196	250
Value added			39	36	45	108	137
Tobacco
Area			9	7	7	7	7
Yield			17	19	21	14	14
Volume of production			146	136	149	99	97
	Of which
		Exported	63	57	53	51	60
Gross value of production			66	66	78	84	114
Value added			41	36	55	46	62
Sugarcane
Area			40	39	41	44	46
Yield			1,586	1,611	1,645	1,794	1,806
Volume of production			63,452	62,836	67,442	78,930	83,078
Gross value of production			163	242	371	443	604
Value added			118	165	211	267	364
African palm
Area			32	25	26	27	29
Yield			264	357	393	405	434
Volume of production			8,443	8,931	10,224	10,936	12,577
Gross value of production			121	129	226	358	445
Value added			68	85	203	272	337
Melon
Area			6	5	5	5	5
Yield			351	549	452	522	592
Volume of production			2,103	2,745	2,261	2,610	2,960
Gross value of production			61	68	81	106	137
Value added			31	37	44	56	71
Pineapple
Area			3	3	3	3	3
Yield			452	424	455	384	367
Volume of production			1,357	1,271	1,365	1,151	1,100
Gross value of production			89	98	123	167	202
Value added			36	38	60	75	89

Source: Central Bank of Honduras.

Table 6.

Honduras: Statistics on Selected Agricultural Products

(Area in thousands of hectares; production and exports in thousands of quintals; yield in quintals per hectare; values in millions of current lempiras)

							Prel.
			1993	1994	1995	1996	1997
Bananas
Area			22	19	20	20	20
Yield			948	897	956	1,127	1,042
Volume of production			20,751	17,049	19,110	22,534	20,848
	Of which
		Exported	14,530	10,730	12,690	15,499	13,250
Gross value of production			1,631	1,626	2,408	3,254	3,300
Value added			379	409	635	1,023	1,017
Coffee
Area			174	181	192	202	205
Yield			15	14	15	16	16
Volume of production			2,665	2,597	2,919	3,210	3,217
	Of which
		Exported	2,225	2,241	2,343	2,687	2,246
Gross value of production			959	2,295	3,376	3,365	5,096
Value added			908	2,270	2,136	2,827	4,281
Corn
Area			415	382	417	386	390
Yield			32	29	36	30	34
Volume of production			13,163	11,200	14,889	11,689	13,440
Gross value of production			558	784	1,063	1,322	1,722
Value added			351	494	670	833	1,085
Beans
Area			58	99	96	92	108
Yield			15	13	15	13	15
Volume of production			857	1,310	1,426	1,195	1,643
Gross value of production			159	287	228	556	791
Value added			63	115	91	222	317
Rice
Area			11	12	14	17	18
Yield			77	87	88	78	62
Volume of production			852	1,047	1,238	1,318	1,109
Gross value of production			45	65	89	137	132
Value added			15	22	29	45	44
Plantains
Area			11	8	8	8	8
Yield			346	538	527	559	567
Volume of production			3,908	4,303	4,218	4,469	4,536
	Of which
		Exported	519	654	628	0	0
Gross value of production			172	267	299	388	495
Value added			105	180	182	222	282
Sorghum
Area			81	65	71	79	95
Yield			25	18	19	24	22
Volume of production			1,990	1,143	1,369	1,888	2,117
Gross value of production			72	65	82	196	250
Value added			39	36	45	108	137
Tobacco
Area			9	7	7	7	7
Yield			17	19	21	14	14
Volume of production			146	136	149	99	97
	Of which
		Exported	63	57	53	51	60
Gross value of production			66	66	78	84	114
Value added			41	36	55	46	62
Sugarcane
Area			40	39	41	44	46
Yield			1,586	1,611	1,645	1,794	1,806
Volume of production			63,452	62,836	67,442	78,930	83,078
Gross value of production			163	242	371	443	604
Value added			118	165	211	267	364
African palm
Area			32	25	26	27	29
Yield			264	357	393	405	434
Volume of production			8,443	8,931	10,224	10,936	12,577
Gross value of production			121	129	226	358	445
Value added			68	85	203	272	337
Melon
Area			6	5	5	5	5
Yield			351	549	452	522	592
Volume of production			2,103	2,745	2,261	2,610	2,960
Gross value of production			61	68	81	106	137
Value added			31	37	44	56	71
Pineapple
Area			3	3	3	3	3
Yield			452	424	455	384	367
Volume of production			1,357	1,271	1,365	1,151	1,100
Gross value of production			89	98	123	167	202
Value added			36	38	60	75	89

Source: Central Bank of Honduras.

Table 7.

Honduras: Production and Prices of Basic Grains

(Production in thousands of quintals; prices in lempiras per quintal)

Sources: Honduran Institute for Agricultural Marketing (IHMA); and Central Bank of Honduras.

Table 7.

Honduras: Production and Prices of Basic Grains

(Production in thousands of quintals; prices in lempiras per quintal)

	Production	Wholesale Prices	Support Prices Paid to Producers
Corn
1992–93	13,163.0	56.0	42.4
1993–94	11,200.0	95.5	70.0
1994–95	14,889.0	92.2	71.4
1995–96	11,689.0	146.1	113.1
1996–97	13,440.0	161.0	128.1
Beans
1992–93	857.0	251.9	185.0
1993–94	1,310.0	257.4	219.0
1994–95	1,426.0	205.9	160.0
1995–96	1,195.0	597.6	464.9
1996–97	1,643.0	581.5	481.6
Rice
1992–93	852.0	163.9	53.0
1993–94	1,047.0	257.4	62.5
1994–95	1,238.0	236.8	71.9
1995–96	1,318.0	341.8	103.9
1996–97	1,109.0	382.3	119.3
Sorghum
1992–93	1,990.0	58.8	36.0
1993–94	1,143.0	79.0	57.0
1994–95	1,369.0	84.0	60.0
1995–96	1,888.0	140.4	104.0
1996–97	2,117.0	155.5	117.9

Sources: Honduran Institute for Agricultural Marketing (IHMA); and Central Bank of Honduras.

Table 7.

Honduras: Production and Prices of Basic Grains

(Production in thousands of quintals; prices in lempiras per quintal)

	Production	Wholesale Prices	Support Prices Paid to Producers
Corn
1992–93	13,163.0	56.0	42.4
1993–94	11,200.0	95.5	70.0
1994–95	14,889.0	92.2	71.4
1995–96	11,689.0	146.1	113.1
1996–97	13,440.0	161.0	128.1
Beans
1992–93	857.0	251.9	185.0
1993–94	1,310.0	257.4	219.0
1994–95	1,426.0	205.9	160.0
1995–96	1,195.0	597.6	464.9
1996–97	1,643.0	581.5	481.6
Rice
1992–93	852.0	163.9	53.0
1993–94	1,047.0	257.4	62.5
1994–95	1,238.0	236.8	71.9
1995–96	1,318.0	341.8	103.9
1996–97	1,109.0	382.3	119.3
Sorghum
1992–93	1,990.0	58.8	36.0
1993–94	1,143.0	79.0	57.0
1994–95	1,369.0	84.0	60.0
1995–96	1,888.0	140.4	104.0
1996–97	2,117.0	155.5	117.9

Sources: Honduran Institute for Agricultural Marketing (IHMA); and Central Bank of Honduras.

Table 8.

Honduras: Consumer Price Index

(1978 = 100)

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 8.

Honduras: Consumer Price Index

(1978 = 100)

	Weight ^1/	1993	1994	1995	1996	1997
(Period averages) ^2/
Total	100.0	451.8	550.0	712.0	881.7	1,059.6
By expenditure
Food	41.2	439.5	559.7	718.1	895.3	1,072.4
Housing	30.6	408.2	483.2	633.5	783.7	904.7
Clothing	9.1	602.6	671.9	826.8	1,008.9	1,295.0
Health care	4.0	488.3	621.9	784.9	960.5	1,195.1
Personal care	3.0	384.4	465.5	605.6	751.3	917.0
Beverages and tobacco	3.8	631.4	740.8	914.1	1,120.5	1,322.0
Transportation	3.0	323.5	366.6	612.1	791.4	948.6
Other	5.3	494.2	610.3	830.3	1,014.9	1,308.3
By region
Central	47.5	437.6	523.8	674.8	818.8	978.2
Northern	40.2	468.2	581.3	758.7	957.5	1,161.5
Southern	4.7	453.7	549.0	682.5	847.8	993.0
Eastern	5.9	454.3	549.4	718.5	893.9	1,059.8
Western	1.9	449.3	545.2	707.6	897.2	1,102.4
(End of period) ^3/
Total	100.0	475.7	613.2	777.5	974.3	1,098.8
By expenditure
Food	41.2	465.6	631.6	771.2	992.6	1,083.8
Housing	30.6	427.6	537.7	699.9	849.8	944.2
Clothing	9.1	628.3	715.4	903.5	1,160.2	1,388.0
Health care	4.0	532.2	688.9	860.2	1,039.9	1,284.8
Personal care	3.0	416.3	506.7	652.9	820.9	963.2
Beverages and tobacco	3.8	653.3	869.2	1077.8	1,172.4	1,450.7
Transportation	3.0	331.0	416.9	648.2	914.0	948.5
Other	5.3	514.4	659.8	914.1	1,176.9	1,380.8
By region
Central	47.5	458.9	577.8	735.7	901.2	1,006.0
Northern	40.2	497.1	654.0	832.9	1,066.3	1,209.4
Southern	4.7	474.2	607.0	732.3	949.5	1,059.0
Eastern	5.9	468.2	622.9	778.1	967.2	1,107.0
Western	1.9	469.8	621.0	758.6	982.1	1,149.3

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 8.

Honduras: Consumer Price Index

(1978 = 100)

	Weight ^1/	1993	1994	1995	1996	1997
(Period averages) ^2/
Total	100.0	451.8	550.0	712.0	881.7	1,059.6
By expenditure
Food	41.2	439.5	559.7	718.1	895.3	1,072.4
Housing	30.6	408.2	483.2	633.5	783.7	904.7
Clothing	9.1	602.6	671.9	826.8	1,008.9	1,295.0
Health care	4.0	488.3	621.9	784.9	960.5	1,195.1
Personal care	3.0	384.4	465.5	605.6	751.3	917.0
Beverages and tobacco	3.8	631.4	740.8	914.1	1,120.5	1,322.0
Transportation	3.0	323.5	366.6	612.1	791.4	948.6
Other	5.3	494.2	610.3	830.3	1,014.9	1,308.3
By region
Central	47.5	437.6	523.8	674.8	818.8	978.2
Northern	40.2	468.2	581.3	758.7	957.5	1,161.5
Southern	4.7	453.7	549.0	682.5	847.8	993.0
Eastern	5.9	454.3	549.4	718.5	893.9	1,059.8
Western	1.9	449.3	545.2	707.6	897.2	1,102.4
(End of period) ^3/
Total	100.0	475.7	613.2	777.5	974.3	1,098.8
By expenditure
Food	41.2	465.6	631.6	771.2	992.6	1,083.8
Housing	30.6	427.6	537.7	699.9	849.8	944.2
Clothing	9.1	628.3	715.4	903.5	1,160.2	1,388.0
Health care	4.0	532.2	688.9	860.2	1,039.9	1,284.8
Personal care	3.0	416.3	506.7	652.9	820.9	963.2
Beverages and tobacco	3.8	653.3	869.2	1077.8	1,172.4	1,450.7
Transportation	3.0	331.0	416.9	648.2	914.0	948.5
Other	5.3	514.4	659.8	914.1	1,176.9	1,380.8
By region
Central	47.5	458.9	577.8	735.7	901.2	1,006.0
Northern	40.2	497.1	654.0	832.9	1,066.3	1,209.4
Southern	4.7	474.2	607.0	732.3	949.5	1,059.0
Eastern	5.9	468.2	622.9	778.1	967.2	1,107.0
Western	1.9	469.8	621.0	758.6	982.1	1,149.3

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 9.

Honduras: Wholesale Price Index

(1978 = 100)

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 9.

Honduras: Wholesale Price Index

(1978 = 100)

		Weight ^1/	1991	1992	1993	1994	1995	1996	1997
(Period average) ^2/
Total		100.0	373.8	411.5	463.9	585.8	752.8	926.2	1,062.4
National		67.2	358.9	404.7	466.3	590.7	784.5	968.9	1,110.0
Agriculture and livestock		28.2	359.1	386.7	488.5	610.2	758.3	933.1	1,046.6
	Agriculture	10.9	317.5	275.6	349.1	506.2	597.9	924.7	1,010.0
	Livestock	10.3	364.3	378.4	416.9	537.9	691.2	783.0	950.8
	Other	7.0	415.1	568.7	805.4	873.9	1,101.0	1,162.8	1,240.9
Industrial		39.1	358.8	417.7	450.2	576.6	803.4	994.7	1,155.8
	Food	12.3	307.9	352.0	376.8	506.0	712.7	842.1	955.2
	Beverages and tobacco	7.2	385.0	498.1	542.0	635.9	835.7	1,006.1	1,200.7
	Construction material	4.0	297.9	303.6	360.7	537.5	740.6	866.2	999.4
	Textile	2.9	372.6	457.1	444.2	546.4	795.1	916.3	1,105.1
	Clothing	2.1	333.9	389.5	387.8	455.8	609.7	760.2	892.2
	Chemical	3.3	342.4	546.8	632.0	805.8	1,249.4	1,628.7	1,924.6
	Oil products	4.6	506.3	479.1	502.8	647.8	830.8	1,219.9	1,394.0
	Other	2.7	384.7	404.3	415.0	521.8	786.6	951.8	1,089.3
Imported		32.8	404.4	425.5	458.4	575.8	687.7	838.6	964.6
Food		6.4	381.3	424.0	479.1	596.1	693.5	903.8	1,087.6
Beverages and tobacco		0.6	517.0	612.0	626.8	683.7	658.4	839.4	1,143.4
Textile		4.9	314.0	321.2	345.1	451.1	520.9	546.7	594.8
Chemical		9.8	477.3	474.9	503.0	603.6	731.1	903.1	965.4
Pharmaceutic		3.6	323.3	412.4	452.7	590.3	703.6	844.9	1,134.9
Other		7.5	418.0	422.0	445.8	589.5	730.0	886.3	1,003.4
(End of period) ^3/
Total		100.0	388.7	426.4	485.9	856.2	795.6	1,007.4	1,074.1
National		67.2	374.0	425.0	483.7	671.9	824.2	1,050.7	1,114.0
Agriculture and livestock		28.2	355.7	423.8	506.1	666.9	783.7	983.8	1,023.2
	Agriculture	10.9	250.1	278.4	354.1	552.9	607.1	989.2	934.8
	Livestock	10.3	386.9	383.2	448.6	595.9	715.2	847.6	987.4
	Other	7.0	472.6	704.8	822.0	943.9	1,152.9	1,172.4	1,210.4
Industrial		39.1	387.1	425.9	467.5	675.6	853.4	1,099.1	1,179.6
	Food	12.3	326.5	357.7	392.0	611.4	730.3	809.2	983.9
	Beverages and tobacco	7.2	439.1	506.6	557.7	749.1	940.6	1,019.3	1,289.5
	Construction material	4.0	291.4	308.8	383.1	583.8	756.5	973.3	1,008.7
	Textile	2.9	439.4	462.8	467.6	609.3	816.3	1,037.1	1,103.0
	Clothing	2.1	358.0	361.5	419.1	509.5	641.2	827.8	906.9
	Chemical	3.3	408.4	591.0	664.8	853.1	1,391.0	1,852.6	1,947.5
	Oil products	4.6	502.7	483.0	510.7	803.4	892.3	1,548.2	1,328.7
	Other	2.7	410.5	405.7	417.9	870.4	802.5	1,032.9	1,126.5
Imported		32.8	418.9	429.2	490.5	624.2	736.9	918.4	992.1
Food		6.4	408.1	437.1	508.9	635.9	730.3	1,000.5	1,093.1
Beverages and tobacco		0.6	517.0	612.0	645.0	651.2	660.7	1,191.7	1,141.8
Textile		4.9	320.8	319.7	364.9	501.9	536.9	576.0	626.6
Chemical		9.8	490.8	476.2	527.0	654.3	814.1	956.1	963.2
Pharmaceutic		3.6	334.3	418.6	506.8	638.1	732.6	1,010.8	1,305.9
Other		7.5	431.3	423.1	489.1	645.9	781.0	956.1	1,019.2

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 9.

Honduras: Wholesale Price Index

(1978 = 100)

		Weight ^1/	1991	1992	1993	1994	1995	1996	1997
(Period average) ^2/
Total		100.0	373.8	411.5	463.9	585.8	752.8	926.2	1,062.4
National		67.2	358.9	404.7	466.3	590.7	784.5	968.9	1,110.0
Agriculture and livestock		28.2	359.1	386.7	488.5	610.2	758.3	933.1	1,046.6
	Agriculture	10.9	317.5	275.6	349.1	506.2	597.9	924.7	1,010.0
	Livestock	10.3	364.3	378.4	416.9	537.9	691.2	783.0	950.8
	Other	7.0	415.1	568.7	805.4	873.9	1,101.0	1,162.8	1,240.9
Industrial		39.1	358.8	417.7	450.2	576.6	803.4	994.7	1,155.8
	Food	12.3	307.9	352.0	376.8	506.0	712.7	842.1	955.2
	Beverages and tobacco	7.2	385.0	498.1	542.0	635.9	835.7	1,006.1	1,200.7
	Construction material	4.0	297.9	303.6	360.7	537.5	740.6	866.2	999.4
	Textile	2.9	372.6	457.1	444.2	546.4	795.1	916.3	1,105.1
	Clothing	2.1	333.9	389.5	387.8	455.8	609.7	760.2	892.2
	Chemical	3.3	342.4	546.8	632.0	805.8	1,249.4	1,628.7	1,924.6
	Oil products	4.6	506.3	479.1	502.8	647.8	830.8	1,219.9	1,394.0
	Other	2.7	384.7	404.3	415.0	521.8	786.6	951.8	1,089.3
Imported		32.8	404.4	425.5	458.4	575.8	687.7	838.6	964.6
Food		6.4	381.3	424.0	479.1	596.1	693.5	903.8	1,087.6
Beverages and tobacco		0.6	517.0	612.0	626.8	683.7	658.4	839.4	1,143.4
Textile		4.9	314.0	321.2	345.1	451.1	520.9	546.7	594.8
Chemical		9.8	477.3	474.9	503.0	603.6	731.1	903.1	965.4
Pharmaceutic		3.6	323.3	412.4	452.7	590.3	703.6	844.9	1,134.9
Other		7.5	418.0	422.0	445.8	589.5	730.0	886.3	1,003.4
(End of period) ^3/
Total		100.0	388.7	426.4	485.9	856.2	795.6	1,007.4	1,074.1
National		67.2	374.0	425.0	483.7	671.9	824.2	1,050.7	1,114.0
Agriculture and livestock		28.2	355.7	423.8	506.1	666.9	783.7	983.8	1,023.2
	Agriculture	10.9	250.1	278.4	354.1	552.9	607.1	989.2	934.8
	Livestock	10.3	386.9	383.2	448.6	595.9	715.2	847.6	987.4
	Other	7.0	472.6	704.8	822.0	943.9	1,152.9	1,172.4	1,210.4
Industrial		39.1	387.1	425.9	467.5	675.6	853.4	1,099.1	1,179.6
	Food	12.3	326.5	357.7	392.0	611.4	730.3	809.2	983.9
	Beverages and tobacco	7.2	439.1	506.6	557.7	749.1	940.6	1,019.3	1,289.5
	Construction material	4.0	291.4	308.8	383.1	583.8	756.5	973.3	1,008.7
	Textile	2.9	439.4	462.8	467.6	609.3	816.3	1,037.1	1,103.0
	Clothing	2.1	358.0	361.5	419.1	509.5	641.2	827.8	906.9
	Chemical	3.3	408.4	591.0	664.8	853.1	1,391.0	1,852.6	1,947.5
	Oil products	4.6	502.7	483.0	510.7	803.4	892.3	1,548.2	1,328.7
	Other	2.7	410.5	405.7	417.9	870.4	802.5	1,032.9	1,126.5
Imported		32.8	418.9	429.2	490.5	624.2	736.9	918.4	992.1
Food		6.4	408.1	437.1	508.9	635.9	730.3	1,000.5	1,093.1
Beverages and tobacco		0.6	517.0	612.0	645.0	651.2	660.7	1,191.7	1,141.8
Textile		4.9	320.8	319.7	364.9	501.9	536.9	576.0	626.6
Chemical		9.8	490.8	476.2	527.0	654.3	814.1	956.1	963.2
Pharmaceutic		3.6	334.3	418.6	506.8	638.1	732.6	1,010.8	1,305.9
Other		7.5	431.3	423.1	489.1	645.9	781.0	956.1	1,019.2

Source: Central Bank of Honduras.

^{^1/}In percent.

^{^2/}Average over 12-month period ended in December.

^{^3/}Data refers to the month of December.

Table 10.

Honduras: Average Daily Minimum Wage by Sector

Source: Central Bank of Honduras.

Table 10.

Honduras: Average Daily Minimum Wage by Sector

	1993	1994	1995	1996	1997
(In lempiras)
Annual average	16.9	17.9	21.2	25.3	33.5
Agriculture and related sectors	13.1	13.7	16.7	20.3	27.5
Mining of metals	20.8	22.6	26.0	30.6	39.7
Other mining	16.1	16.9	19.5	21.9	28.5
Manufacturing	13.8	14.4	17.9	22.0	28.5
Construction	12.6	13.2	16.7	21.7	28.5
Commerce, hotels, and restaurants	14.4	15.1	18.6	22.0	28.5
Transport	15.6	16.3	19.8	24.0	30.0
Financial services	16.5	17.9	21.0	24.2	31.0
Other services	13.7	14.3	17.9	21.7	38.5
Dockage services	20.0	20.7	24.5	29.1	39.7
Petroleum refining	20.0	20.7	24.5	29.1	39.7
Railroad repairing	20.0	20.7	24.5	29.1	39.7
Banana exporting	20.0	20.7	24.5	29.1	39.7
(Annual percentage increase)
Annual average	12.7	4.7	19.9	19.0	32.5
Agriculture and related sectors	12.3	4.4	21.9	21.4	35.6
Mining of metals	19.5	8.4	15.0	17.6	29.7
Other mining	12.0	4.5	15.8	12.4	29.9
Manufacturing	12.1	4.4	24.4	23.1	29.4
Construction	15.8	5.4	26.0	30.2	31.3
Commerce, hotels, and restaurants	12.2	4.4	23.5	18.4	29.3
Transport	11.9	4.4	21.7	21.0	25.1
Financial services	19.3	8.5	17.8	15.0	28.2
Other services	12.0	4.4	24.7	21.2	31.6
Dockage services	10.6	3.5	18.6	18.7	36.3
Petroleum refining	10.6	3.5	18.6	18.7	36.3
Railroad repairing	10.6	3.5	18.6	18.7	36.3
Banana exporting	10.6	3.5	18.6	18.7	36.3
Consumer price index	10.7	21.7	29.5	23.8	20.2
Memorandum item:
Annual average in U.S. dollars	2.6	2.1	2.3	2.2	2.6

Source: Central Bank of Honduras.

Table 10.

Honduras: Average Daily Minimum Wage by Sector

	1993	1994	1995	1996	1997
(In lempiras)
Annual average	16.9	17.9	21.2	25.3	33.5
Agriculture and related sectors	13.1	13.7	16.7	20.3	27.5
Mining of metals	20.8	22.6	26.0	30.6	39.7
Other mining	16.1	16.9	19.5	21.9	28.5
Manufacturing	13.8	14.4	17.9	22.0	28.5
Construction	12.6	13.2	16.7	21.7	28.5
Commerce, hotels, and restaurants	14.4	15.1	18.6	22.0	28.5
Transport	15.6	16.3	19.8	24.0	30.0
Financial services	16.5	17.9	21.0	24.2	31.0
Other services	13.7	14.3	17.9	21.7	38.5
Dockage services	20.0	20.7	24.5	29.1	39.7
Petroleum refining	20.0	20.7	24.5	29.1	39.7
Railroad repairing	20.0	20.7	24.5	29.1	39.7
Banana exporting	20.0	20.7	24.5	29.1	39.7
(Annual percentage increase)
Annual average	12.7	4.7	19.9	19.0	32.5
Agriculture and related sectors	12.3	4.4	21.9	21.4	35.6
Mining of metals	19.5	8.4	15.0	17.6	29.7
Other mining	12.0	4.5	15.8	12.4	29.9
Manufacturing	12.1	4.4	24.4	23.1	29.4
Construction	15.8	5.4	26.0	30.2	31.3
Commerce, hotels, and restaurants	12.2	4.4	23.5	18.4	29.3
Transport	11.9	4.4	21.7	21.0	25.1
Financial services	19.3	8.5	17.8	15.0	28.2
Other services	12.0	4.4	24.7	21.2	31.6
Dockage services	10.6	3.5	18.6	18.7	36.3
Petroleum refining	10.6	3.5	18.6	18.7	36.3
Railroad repairing	10.6	3.5	18.6	18.7	36.3
Banana exporting	10.6	3.5	18.6	18.7	36.3
Consumer price index	10.7	21.7	29.5	23.8	20.2
Memorandum item:
Annual average in U.S. dollars	2.6	2.1	2.3	2.2	2.6

Source: Central Bank of Honduras.

Table 11.

Honduras: Total Labor Remuneration by Sector

(In millions of current lempiras)

Source: Central Bank of Honduras.

Table 11.

Honduras: Total Labor Remuneration by Sector

(In millions of current lempiras)

		1993	1994	1995	1996	1997
Total		9,197	11,036	14,304	17,708	20,352
Agriculture and related sectors		1,818	2,294	3,163	4,156	4,632
Mining		164	213	234	271	302
Manufacturing		1,683	1,840	2,356	2,733	3,098
Construction		732	743	918	1,076	1,230
Utilities		118	169	335	344	414
Transport and communication		686	726	781	860	1,009
Commercial services		682	858	1,365	1,696	1,870
Financial services		577	745	934	1,232	1,496
Housing services		141	174	206	265	289
Public administration		997	1,136	1,538	1,650	2,067
Other services		1,598	2,138	2,474	3,425	3,945
	Public services	1,068	1,319	1,625	2,250	2,591
	Private services	530	819	849	1,175	1,354

Source: Central Bank of Honduras.

Table 11.

Honduras: Total Labor Remuneration by Sector

(In millions of current lempiras)

		1993	1994	1995	1996	1997
Total		9,197	11,036	14,304	17,708	20,352
Agriculture and related sectors		1,818	2,294	3,163	4,156	4,632
Mining		164	213	234	271	302
Manufacturing		1,683	1,840	2,356	2,733	3,098
Construction		732	743	918	1,076	1,230
Utilities		118	169	335	344	414
Transport and communication		686	726	781	860	1,009
Commercial services		682	858	1,365	1,696	1,870
Financial services		577	745	934	1,232	1,496
Housing services		141	174	206	265	289
Public administration		997	1,136	1,538	1,650	2,067
Other services		1,598	2,138	2,474	3,425	3,945
	Public services	1,068	1,319	1,625	2,250	2,591
	Private services	530	819	849	1,175	1,354

Source: Central Bank of Honduras.

Table 12.

Honduras: Labor Force by Sector

(In percent of total labor force)

Source: Central Bank of Honduras.

Table 12.

Honduras: Labor Force by Sector

(In percent of total labor force)

	1993	1994	1995	1996	1997
Total	100.0	100.0	100.0	100.0	100.0
Primary production	44.7	43.8	42.9	42.0	41.1
Agriculture and related sectors	44.4	43.5	42.7	41.8	40.9
Mining	0.3	0.3	0.2	0.2	0.2
Secondary production	18.7	18.9	19.2	19.4	19.6
Manufacturing	11.8	11.7	11.8	11.8	11.7
Construction	6.2	6.4	6.6	6.8	7.0
Utilities	0.7	0.8	0.8	0.8	0.9
Services	36.6	37.3	37.9	38.6	39.3
Transport and communications	2.8	2.8	2.8	2.8	2.8
Commercial services	10.5	10.7	10.8	10.9	11.0
Financial services	1.9	2.0	2.0	2.1	2.2
Other services	21.4	21.8	22.3	22.8	23.3
Memorandum item:
Labor force as a percent of total population	31.5	31.8	32.1	32.4	32.7

Source: Central Bank of Honduras.

Table 12.

Honduras: Labor Force by Sector

(In percent of total labor force)

	1993	1994	1995	1996	1997
Total	100.0	100.0	100.0	100.0	100.0
Primary production	44.7	43.8	42.9	42.0	41.1
Agriculture and related sectors	44.4	43.5	42.7	41.8	40.9
Mining	0.3	0.3	0.2	0.2	0.2
Secondary production	18.7	18.9	19.2	19.4	19.6
Manufacturing	11.8	11.7	11.8	11.8	11.7
Construction	6.2	6.4	6.6	6.8	7.0
Utilities	0.7	0.8	0.8	0.8	0.9
Services	36.6	37.3	37.9	38.6	39.3
Transport and communications	2.8	2.8	2.8	2.8	2.8
Commercial services	10.5	10.7	10.8	10.9	11.0
Financial services	1.9	2.0	2.0	2.1	2.2
Other services	21.4	21.8	22.3	22.8	23.3
Memorandum item:
Labor force as a percent of total population	31.5	31.8	32.1	32.4	32.7

Source: Central Bank of Honduras.

Table 13.

Honduras: Consolidated Operations of the Nonfinancial Public Sector

(In millions of lempiras)

Source: Ministry of Finance.

^{^1/}Includes taxes in the revaluation of assets in 1993 and on net assets in 1994 -1997.

^{^2/}Excludes interest obligations.

^{^3/}Estimated as total interest obligations minus interest payments by the rest of the public sector.

^{^4/}Includes contributions to IHSS, INJUPEM, and IMPREMA.

^{^5/}Includes change in accounts receivable.

^{^6/}Includes change in accounts payable.

Table 13.

Honduras: Consolidated Operations of the Nonfinancial Public Sector

(In millions of lempiras)

									Prel.
					1993	1994	1995	1996	1997
I. Central Government
Total revenue					3,964	4,709	6,979	8,027	10,318
Current revenue					3,847	4,589	6,952	8,006	10,305
	Tax revenue				3,609	4,383	6,691	7,542	9,667
		Direct taxes			1,167	1,144	1,798	2,034	2,508
			Property and income		1,082	1,101	1,757	1,968	2,410
			Other ^1/		85	43	41	66	98
		Indirect taxes			2,442	3,239	4,678	5,469	7,159
			Goods and services		1,384	1,845	2,552	3,114	3,956
				Sales tax	697	885	1,331	1,698	2,270
				Other	687	960	1,221	1,416	1,686
			International trade		1,057	1,295	1,751	1,804	2,155
				Import	986	1,185	1,430	1,706	2,066
				Export ^2/	71	110	321	98	89
			Petroleum derivatives		0	98	373	548	1,046
			Other		1	1	2	3	2
		Nontax revenue			70	76	107	154	226
		Transfers			168	130	154	310	412
Capital revenue					117	120	27	21	13
Total primary expenditure					5,381	4,967	6,273	7,297	9,211
Current primary expenditure					3,221	3,063	3,959	5,441	6,980
	Wages and salaries				1,524	1,791	2,317	2,865	3,417
	Social security contributions				130	155	180	245	293
	Goods and services				628	607	744	1,089	1,527
	Current transfers				939	510	718	1,242	1,743
		Rest of general government			343	283	530	756	951
		Public enterprises			0	0	13	0	88
		Private sector			572	200	141	439	631
		Other			24	27	34	48	73
Capital expenditure					2,126	1,505	1,791	1,599	2,194
	Fixed capital formation				1,503	995	1,218	1,114	1,608
	Capital transfers				623	510	573	485	586
		Rest of general government			276	319	298	308	437
		Public enterprise			147	179	269	175	148
		Private sector			200	12	6	2	1
Net lending					34	399	523	257	37
	Rest of general government				2	30	27	25	0
	Public enterprise				32	369	496	232	37
Current primary balance					626	1,526	2,993	2,565	3,325
Primary balance					-1,417	-258	706	730	1,107
Interest obligations					979	1,458	1,510	1,966	2,685
External ^3/					745	1,143	1,053	1,296	1,501
Internal					233	315	457	671	1,184
Current balance					-356	45	1,196	2,565	3,325
Overall balance					-2,398	-1,776	-1,211	-1,236	-1,578
II. Rest of General Government
Total revenue					1,477	1,881	2,278	2,574	3,834
Current revenue					1,172	1,368	1,922	2,177	3,065
	Tax revenue				197	212	206	283	346
	Contributions to social security				433	512	624	684	979
		Private sector			240	299	376	417	588
		Central government			133	158	176	184	278
		Rest of general government			22	18	24	27	38
		Public enterprises			38	37	49	56	76
	Interest earnings				195	218	308	404	570
	Current transfers				302	309	508	448	692
		Central government			299	306	503	448	692
		Public enterprises			3	3	5	0	0
		Private sector			0	0	0	0	0
	Other nontax revenue				114	178	229	323	414
	Change in accounts receivable (increase -)				-69	-62	47	37	64
Capital revenue					305	513	355	396	769
	Central government transfers				276	466	323	360	630
	Other				29	47	33	37	139
Total expenditure					1,445	1,958	2,121	2,394	3,650
Current expenditure					852	983	1,059	1,283	2,066
	Wages and salaries				315	335	429	539	596
	Goods and services				144	154	183	194	237
	Interest payments				29	28	21	25	65
	Contribution to social security				19	18	24	26	37
	Current transfers				361	359	384	488	1,130
		To private sector			361	354	384	480	1,123
		Other			0	5	0	8	7
	Change in accounts payable				-16	90	18	11	2
Capital expenditure and net lending					593	976	1,062	1,111	1,584
	Fixed capital formation				484	880	968	817	1,075
	Other				15	0	0	4	41
	Net lending				94	95	93	291	469
Primary balance					-135	-267.7	-130.7	-199.0	-322
Current account balance					320	384.8	863.0	894.4	999
Overall balance					32	-77.4	156.6	179.9	184
III. General Government
Total primary revenue					4,375	5,212	7,404	8,633	11,153
Current primary revenue					4,229	5,045	7,345	8,575	11,001
	Tax revenue				3,805	4,596	6,897	7,825	10,013
	Nontax revenue				184	254	336	477	640
	Contributions to social security institutions ^4/				278	337	424	473	664
		From state enterprises			38	37	49	56	76
		From private sector			240	299	376	417	588
	Current transfers				171	133	159	310	412
		From state enterprises			171	133	159	310	412
Change in accounts receivables (increase -)					-69	-62	47	37	64
Capital revenue					146	167	60	58	152
Total expenditure					6,071	5,923	7,316	8,733	11,145
Current expenditure					3,596	3,540	4,290	5,980	7,960
	Wages and salaries				1,839	2,126	2,746	3,404	4,013
	Goods and services				772	761	927	1,283	1,764
	Current transfers				957	586	572	974	1,922
		To private sector			933	554	525	919	1,753
		To abroad			24	32	34	56	80
		Adjustment for current transfers			44	-23	27	308	259
Capital expenditure					2,349	1,919	2,437	2,230	2,679
	Fixed capital formation				1,987	1,875	2,186	2,101	2,683
	Inventory changes				15	0	0	4	41
	Capital transfers				347	191	275	177	149
		To state enterprises			147	179	269	175	148
		To private sector			200	12	6	2	1
		Adjustment for capital transfers			0	-147	-25	-52	-193
Net lending					126	464	589	523	506
	To state enterprises				32	369	496	232	37
	Pension funds lending to members				94	95	93	291	469
Primary current balance					634	1,505	3,054	2,595	3,041
Primary balance					-1,696	-711	88	-100	8
Interest revenue					195	218	308	404	570
Interest obligations					1,007	1,486	1,531	1,991	2,750
	External				745	1,143	1,053	1,296	1,501
	Internal				262	343	478	695	1,248
Current balance					-178	237	1,831	1,007	861
Overall balance					-2,507	-1,979	-1,135	-1,687	-2,172
IV. Nonfinancial Public Enterprises
Operating revenue					1,699	2,120	2,895	4,299	5,080
Sale of goods and services					1,703	2,126	3,144	4,267	4,986
Interest received					0	5	8	81	120
Other ^5/					-4	-12	-257	-49	-26
Operating expenditure					599	1,211	2,179	2,984	2,910
Wages and salaries					262	328	456	569	651
Goods and services					245	442	1,157	1,575	1,715
Interest					284	466	537	617	440
	External				225	309	488	543	418
	Domestic				60	157	49	75	23
Other ^6/					-192	-25	30	222	104
Operating balance					1,100	909	716	1,316	2,170
Net current transfers					-224	-196	-178	-22	-43
Transfers receipts					0	3	0	232	314
	From central government				0	3	0	232	314
Transfers and tax payments					224	199	178	253	357
	To central government				193	164	146	210	270
	To rest of general government				16	12	11	13	17
	To private sector				15	23	20	29	70
Current account balance					876	713	538	1,294	2,127
Net capital revenue					285	191	348	232	116
Capital revenue					2	75	0	70	0
Capital transfers receipts					288	116	348	161	116
	From central government				288	116	253	161	116
	From abroad				0	0	95	0	0
Capital transfers payments					6	0	0	0	0
Capital expenditure and net lending					968	1,244	1,287	1,611	1,280
Fixed investment					852	1,126	1,318	1,554	1,207
Other					116	118	-31	57	71
Net lending					0	0	0	0	2
Primary balance					477	121	128	450	1,283
Overall balance					193	-340	-402	-86	963
V. Consolidated Nonfinancial Public Sector
Total revenue					6,001	7,448	10,690	13,151	16,313
Current revenue					5,859	7,201	10,543	13,111	16,292
	Tax revenue				3,805	4,596	6,897	7,825	10,013
	Nontax revenue				115	192	383	513	704
	Private sector contributions to social security institutions ^4/				240	299	376	417	588
	Operating revenue of public enterprises				1,699	2,114	2,887	4,356	4,987
Capital revenue					142	247	147	40	21
Total expenditure ^2/					7,299	7,602	9,816	12,089	14,422
Current primary expenditure					3,948	4,336	5,940	8,008	9,914
	Wages and salaries				2,101	2,454	3,201	3,984	4,662
	Goods and services				1,017	1,203	2,084	2,852	3,483
	Current transfers				1,038	614	606	980	1,807
		To private sector			947	575	539	927	1,817
		To abroad			25	35	40	75	98
		Adjustment for current transfers			66	4	27	-22	-108
Capital expenditure					3,258	3,171	3,782	3,790	4,038
	Fixed capital formation				2,894	3,002	3,524	3,606	3,809
	Capital transfers				59	-72	-3	-36	-160
		Capital transfers to private sector			200	12	6	2	1
		Adjustment for capital transfers			-141	-84	-9	-38	-161
	Other capital expenditure				305	241	261	220	390
Net lending					94	95	94	291	471
	Pension funds loans to members				94	95	93	291	469
Primary current balance					1,912	2,866	4,603	5,103	6,378
Primary balance					-1,298	-153	874	1,062	1,891
Interest revenue					195	213	301	340	416
Interest obligations					1,291	1,952	2,068	2,650	3,241
	External				970	1,452	1,541	1,880	1,970
	Internal				321	500	527	770	1,271
Current balance					816	1,127	2,835	2,793	3,553
Overall balance					-2,394	-1,893	-893	-1,249	-934
Identified financing					2,309	1,926	922	1,525	932
Net foreign financing					1,976	1,483	1,733	1,789	1,868
Net foreign borrowing					1,793	1,235	982	1,112	1,204
	Disbursements				2,332	2,174	3,012	3,263	3,396
	Amortization				-1,107	-1,575	-2,522	-2,151	-2,192
	Debt relief				569	635	492	398	358
Change in arrears					-84	-109	501	35	-151
Foreign grants					321	352	259	244	457
Change in government bonds held by international organizations					-54	6	-9
Net domestic financing					334	443	-811	-264	-936
Banking system					149	377	-881	-735	-1,873
	Central bank				154	125	-670	-292	-604
	Rest of banking system				-5	251	-210	-443	-1,269
Private sector bonds					28	7	70	221	627
Transfers from ESF and other					157	60	0	250	310
Statistical discrepancy					-113	-181	29	276	-3

Source: Ministry of Finance.

^{^1/}Includes taxes in the revaluation of assets in 1993 and on net assets in 1994 -1997.

^{^2/}Excludes interest obligations.

^{^3/}Estimated as total interest obligations minus interest payments by the rest of the public sector.

^{^4/}Includes contributions to IHSS, INJUPEM, and IMPREMA.

^{^5/}Includes change in accounts receivable.

^{^6/}Includes change in accounts payable.

Table 13.

Honduras: Consolidated Operations of the Nonfinancial Public Sector

(In millions of lempiras)

									Prel.
					1993	1994	1995	1996	1997
I. Central Government
Total revenue					3,964	4,709	6,979	8,027	10,318
Current revenue					3,847	4,589	6,952	8,006	10,305
	Tax revenue				3,609	4,383	6,691	7,542	9,667
		Direct taxes			1,167	1,144	1,798	2,034	2,508
			Property and income		1,082	1,101	1,757	1,968	2,410
			Other ^1/		85	43	41	66	98
		Indirect taxes			2,442	3,239	4,678	5,469	7,159
			Goods and services		1,384	1,845	2,552	3,114	3,956
				Sales tax	697	885	1,331	1,698	2,270
				Other	687	960	1,221	1,416	1,686
			International trade		1,057	1,295	1,751	1,804	2,155
				Import	986	1,185	1,430	1,706	2,066
				Export ^2/	71	110	321	98	89
			Petroleum derivatives		0	98	373	548	1,046
			Other		1	1	2	3	2
		Nontax revenue			70	76	107	154	226
		Transfers			168	130	154	310	412
Capital revenue					117	120	27	21	13
Total primary expenditure					5,381	4,967	6,273	7,297	9,211
Current primary expenditure					3,221	3,063	3,959	5,441	6,980
	Wages and salaries				1,524	1,791	2,317	2,865	3,417
	Social security contributions				130	155	180	245	293
	Goods and services				628	607	744	1,089	1,527
	Current transfers				939	510	718	1,242	1,743
		Rest of general government			343	283	530	756	951
		Public enterprises			0	0	13	0	88
		Private sector			572	200	141	439	631
		Other			24	27	34	48	73
Capital expenditure					2,126	1,505	1,791	1,599	2,194
	Fixed capital formation				1,503	995	1,218	1,114	1,608
	Capital transfers				623	510	573	485	586
		Rest of general government			276	319	298	308	437
		Public enterprise			147	179	269	175	148
		Private sector			200	12	6	2	1
Net lending					34	399	523	257	37
	Rest of general government				2	30	27	25	0
	Public enterprise				32	369	496	232	37
Current primary balance					626	1,526	2,993	2,565	3,325
Primary balance					-1,417	-258	706	730	1,107
Interest obligations					979	1,458	1,510	1,966	2,685
External ^3/					745	1,143	1,053	1,296	1,501
Internal					233	315	457	671	1,184
Current balance					-356	45	1,196	2,565	3,325
Overall balance					-2,398	-1,776	-1,211	-1,236	-1,578
II. Rest of General Government
Total revenue					1,477	1,881	2,278	2,574	3,834
Current revenue					1,172	1,368	1,922	2,177	3,065
	Tax revenue				197	212	206	283	346
	Contributions to social security				433	512	624	684	979
		Private sector			240	299	376	417	588
		Central government			133	158	176	184	278
		Rest of general government			22	18	24	27	38
		Public enterprises			38	37	49	56	76
	Interest earnings				195	218	308	404	570
	Current transfers				302	309	508	448	692
		Central government			299	306	503	448	692
		Public enterprises			3	3	5	0	0
		Private sector			0	0	0	0	0
	Other nontax revenue				114	178	229	323	414
	Change in accounts receivable (increase -)				-69	-62	47	37	64
Capital revenue					305	513	355	396	769
	Central government transfers				276	466	323	360	630
	Other				29	47	33	37	139
Total expenditure					1,445	1,958	2,121	2,394	3,650
Current expenditure					852	983	1,059	1,283	2,066
	Wages and salaries				315	335	429	539	596
	Goods and services				144	154	183	194	237
	Interest payments				29	28	21	25	65
	Contribution to social security				19	18	24	26	37
	Current transfers				361	359	384	488	1,130
		To private sector			361	354	384	480	1,123
		Other			0	5	0	8	7
	Change in accounts payable				-16	90	18	11	2
Capital expenditure and net lending					593	976	1,062	1,111	1,584
	Fixed capital formation				484	880	968	817	1,075
	Other				15	0	0	4	41
	Net lending				94	95	93	291	469
Primary balance					-135	-267.7	-130.7	-199.0	-322
Current account balance					320	384.8	863.0	894.4	999
Overall balance					32	-77.4	156.6	179.9	184
III. General Government
Total primary revenue					4,375	5,212	7,404	8,633	11,153
Current primary revenue					4,229	5,045	7,345	8,575	11,001
	Tax revenue				3,805	4,596	6,897	7,825	10,013
	Nontax revenue				184	254	336	477	640
	Contributions to social security institutions ^4/				278	337	424	473	664
		From state enterprises			38	37	49	56	76
		From private sector			240	299	376	417	588
	Current transfers				171	133	159	310	412
		From state enterprises			171	133	159	310	412
Change in accounts receivables (increase -)					-69	-62	47	37	64
Capital revenue					146	167	60	58	152
Total expenditure					6,071	5,923	7,316	8,733	11,145
Current expenditure					3,596	3,540	4,290	5,980	7,960
	Wages and salaries				1,839	2,126	2,746	3,404	4,013
	Goods and services				772	761	927	1,283	1,764
	Current transfers				957	586	572	974	1,922
		To private sector			933	554	525	919	1,753
		To abroad			24	32	34	56	80
		Adjustment for current transfers			44	-23	27	308	259
Capital expenditure					2,349	1,919	2,437	2,230	2,679
	Fixed capital formation				1,987	1,875	2,186	2,101	2,683
	Inventory changes				15	0	0	4	41
	Capital transfers				347	191	275	177	149
		To state enterprises			147	179	269	175	148
		To private sector			200	12	6	2	1
		Adjustment for capital transfers			0	-147	-25	-52	-193
Net lending					126	464	589	523	506
	To state enterprises				32	369	496	232	37
	Pension funds lending to members				94	95	93	291	469
Primary current balance					634	1,505	3,054	2,595	3,041
Primary balance					-1,696	-711	88	-100	8
Interest revenue					195	218	308	404	570
Interest obligations					1,007	1,486	1,531	1,991	2,750
	External				745	1,143	1,053	1,296	1,501
	Internal				262	343	478	695	1,248
Current balance					-178	237	1,831	1,007	861
Overall balance					-2,507	-1,979	-1,135	-1,687	-2,172
IV. Nonfinancial Public Enterprises
Operating revenue					1,699	2,120	2,895	4,299	5,080
Sale of goods and services					1,703	2,126	3,144	4,267	4,986
Interest received					0	5	8	81	120
Other ^5/					-4	-12	-257	-49	-26
Operating expenditure					599	1,211	2,179	2,984	2,910
Wages and salaries					262	328	456	569	651
Goods and services					245	442	1,157	1,575	1,715
Interest					284	466	537	617	440
	External				225	309	488	543	418
	Domestic				60	157	49	75	23
Other ^6/					-192	-25	30	222	104
Operating balance					1,100	909	716	1,316	2,170
Net current transfers					-224	-196	-178	-22	-43
Transfers receipts					0	3	0	232	314
	From central government				0	3	0	232	314
Transfers and tax payments					224	199	178	253	357
	To central government				193	164	146	210	270
	To rest of general government				16	12	11	13	17
	To private sector				15	23	20	29	70
Current account balance					876	713	538	1,294	2,127
Net capital revenue					285	191	348	232	116
Capital revenue					2	75	0	70	0
Capital transfers receipts					288	116	348	161	116
	From central government				288	116	253	161	116
	From abroad				0	0	95	0	0
Capital transfers payments					6	0	0	0	0
Capital expenditure and net lending					968	1,244	1,287	1,611	1,280
Fixed investment					852	1,126	1,318	1,554	1,207
Other					116	118	-31	57	71
Net lending					0	0	0	0	2
Primary balance					477	121	128	450	1,283
Overall balance					193	-340	-402	-86	963
V. Consolidated Nonfinancial Public Sector
Total revenue					6,001	7,448	10,690	13,151	16,313
Current revenue					5,859	7,201	10,543	13,111	16,292
	Tax revenue				3,805	4,596	6,897	7,825	10,013
	Nontax revenue				115	192	383	513	704
	Private sector contributions to social security institutions ^4/				240	299	376	417	588
	Operating revenue of public enterprises				1,699	2,114	2,887	4,356	4,987
Capital revenue					142	247	147	40	21
Total expenditure ^2/					7,299	7,602	9,816	12,089	14,422
Current primary expenditure					3,948	4,336	5,940	8,008	9,914
	Wages and salaries				2,101	2,454	3,201	3,984	4,662
	Goods and services				1,017	1,203	2,084	2,852	3,483
	Current transfers				1,038	614	606	980	1,807
		To private sector			947	575	539	927	1,817
		To abroad			25	35	40	75	98
		Adjustment for current transfers			66	4	27	-22	-108
Capital expenditure					3,258	3,171	3,782	3,790	4,038
	Fixed capital formation				2,894	3,002	3,524	3,606	3,809
	Capital transfers				59	-72	-3	-36	-160
		Capital transfers to private sector			200	12	6	2	1
		Adjustment for capital transfers			-141	-84	-9	-38	-161
	Other capital expenditure				305	241	261	220	390
Net lending					94	95	94	291	471
	Pension funds loans to members				94	95	93	291	469
Primary current balance					1,912	2,866	4,603	5,103	6,378
Primary balance					-1,298	-153	874	1,062	1,891
Interest revenue					195	213	301	340	416
Interest obligations					1,291	1,952	2,068	2,650	3,241
	External				970	1,452	1,541	1,880	1,970
	Internal				321	500	527	770	1,271
Current balance					816	1,127	2,835	2,793	3,553
Overall balance					-2,394	-1,893	-893	-1,249	-934
Identified financing					2,309	1,926	922	1,525	932
Net foreign financing					1,976	1,483	1,733	1,789	1,868
Net foreign borrowing					1,793	1,235	982	1,112	1,204
	Disbursements				2,332	2,174	3,012	3,263	3,396
	Amortization				-1,107	-1,575	-2,522	-2,151	-2,192
	Debt relief				569	635	492	398	358
Change in arrears					-84	-109	501	35	-151
Foreign grants					321	352	259	244	457
Change in government bonds held by international organizations					-54	6	-9
Net domestic financing					334	443	-811	-264	-936
Banking system					149	377	-881	-735	-1,873
	Central bank				154	125	-670	-292	-604
	Rest of banking system				-5	251	-210	-443	-1,269
Private sector bonds					28	7	70	221	627
Transfers from ESF and other					157	60	0	250	310
Statistical discrepancy					-113	-181	29	276	-3

Source: Ministry of Finance.

^{^1/}Includes taxes in the revaluation of assets in 1993 and on net assets in 1994 -1997.

^{^2/}Excludes interest obligations.

^{^3/}Estimated as total interest obligations minus interest payments by the rest of the public sector.

^{^4/}Includes contributions to IHSS, INJUPEM, and IMPREMA.

^{^5/}Includes change in accounts receivable.

^{^6/}Includes change in accounts payable.

Table 14.

Honduras: Central Government Revenue

Source: Ministry of Finance.

Table 14.

Honduras: Central Government Revenue

									Prel.
					1993	1994	1995	1996	1997
(In millions of lempires)
Total revenue					3,961	4,709	6,764	7,989	10,318
Current revenue					3,844	4,589	6,737	7,968	10,305
	Tax revenue				3,609	4,384	6,476	7,503	9,666
		Direct taxes			1,167	1,145	1,799	2,034	2,508
			Income tax		1,049	1,062	1,716	1,900	2,289
			Property tax		34	40	41	68	121
			Asset revaluation tax		85	0	2	0	0
			Net assets		0	43	40	66	98
		Domestic indirect taxes			1,384	1,845	2,552	3,114	3,956
			Sales tax		697	885	1,331	1,698	2,270
			Petroleum derivatives		154	270	371	459	406
			Alcohol and nonalcohol beverages		224	279	418	378	446
			Other		309	411	432	579	834
		International trade			1,057	1,295	1,751	1,804	2,154
			Imports		986	1,185	1,430	1,706	2,066
				Petroleum	154	251	324	405	404
				Other	832	934	1,106	1,301	1,662
			Exports		71	110	321	98	89
				Bananas	60	67	91	82	77
				Coffee 1/	0	29	215	0	0
				Other	11	14	15	16	12
		Petroleum derivatives			0	98	373	548	1,046
		Other			1	1	2	3	2
	Nontax revenue				70	76	107	155	227
	Current transfers				165	130	154	310	412
Capital revenue					117	120	27	21	13
(In percent of GDP)
Total revenue					17.5	16.3	18.0	16.7	16.9
Current revenue					16.9	15.9	18.0	16.7	16.9
	Tax revenue				15.9	15.2	17.3	15.7	15.8
		Direct taxes			5.1	4.0	4.8	4.3	4.1
			Income tax		4.6	3.7	4.6	4.0	3.7
			Property tax		0.1	0.1	0.1	0.1	0.2
			Asset revaluation tax		0.4	0.0	0.0	0.0	0.0
			Net assets		0.0	0.1	0.1	0.1	0.2
		Domestic indirect taxes			6.1	6.4	6.8	6.5	6.5
			Sates tax		3.1	3.1	3.5	3.6	3.7
			Petroleum derivatives		0.7	0.9	1.0	1.0	0.7
			Alcohol and nonalcohol beverages		1.0	1.0	1.1	0.8	0.7
			Other		1.4	1.4	1.2	1.2	1.4
		International trade			4.7	4.5	4.7	3.8	3.5
			Imports		4.3	4.1	3.8	3.6	3.4
				Petroleum	0.7	0.9	0.9	0.8	0.7
				Other	3.7	3.2	2.9	2.7	2.7
			Exports		0.3	0.4	0.9	0.2	0.1
				Bananas	0.3	0.2	0.2	0.2	0.1
				Coffee	0.0	0.1	0.6	0.0	0.0
			Other		0.0	0.0	0.0	0.0	0.0
		Petroleum derivatives			0.0	0.3	1.0	1.1	1.7
		Other			0.0	0.0	0.0	0.0	0.0
	Nontax revenue				0.3	0.3	0.3	0.3	0.4
	Current transfers				0.7	0.4	0.4	0.6	0.7
Capital revenue					0.5	0.4	0.1	0.0	0.0

Source: Ministry of Finance.

Table 14.

Honduras: Central Government Revenue

									Prel.
					1993	1994	1995	1996	1997
(In millions of lempires)
Total revenue					3,961	4,709	6,764	7,989	10,318
Current revenue					3,844	4,589	6,737	7,968	10,305
	Tax revenue				3,609	4,384	6,476	7,503	9,666
		Direct taxes			1,167	1,145	1,799	2,034	2,508
			Income tax		1,049	1,062	1,716	1,900	2,289
			Property tax		34	40	41	68	121
			Asset revaluation tax		85	0	2	0	0
			Net assets		0	43	40	66	98
		Domestic indirect taxes			1,384	1,845	2,552	3,114	3,956
			Sales tax		697	885	1,331	1,698	2,270
			Petroleum derivatives		154	270	371	459	406
			Alcohol and nonalcohol beverages		224	279	418	378	446
			Other		309	411	432	579	834
		International trade			1,057	1,295	1,751	1,804	2,154
			Imports		986	1,185	1,430	1,706	2,066
				Petroleum	154	251	324	405	404
				Other	832	934	1,106	1,301	1,662
			Exports		71	110	321	98	89
				Bananas	60	67	91	82	77
				Coffee 1/	0	29	215	0	0
				Other	11	14	15	16	12
		Petroleum derivatives			0	98	373	548	1,046
		Other			1	1	2	3	2
	Nontax revenue				70	76	107	155	227
	Current transfers				165	130	154	310	412
Capital revenue					117	120	27	21	13
(In percent of GDP)
Total revenue					17.5	16.3	18.0	16.7	16.9
Current revenue					16.9	15.9	18.0	16.7	16.9
	Tax revenue				15.9	15.2	17.3	15.7	15.8
		Direct taxes			5.1	4.0	4.8	4.3	4.1
			Income tax		4.6	3.7	4.6	4.0	3.7
			Property tax		0.1	0.1	0.1	0.1	0.2
			Asset revaluation tax		0.4	0.0	0.0	0.0	0.0
			Net assets		0.0	0.1	0.1	0.1	0.2
		Domestic indirect taxes			6.1	6.4	6.8	6.5	6.5
			Sates tax		3.1	3.1	3.5	3.6	3.7
			Petroleum derivatives		0.7	0.9	1.0	1.0	0.7
			Alcohol and nonalcohol beverages		1.0	1.0	1.1	0.8	0.7
			Other		1.4	1.4	1.2	1.2	1.4
		International trade			4.7	4.5	4.7	3.8	3.5
			Imports		4.3	4.1	3.8	3.6	3.4
				Petroleum	0.7	0.9	0.9	0.8	0.7
				Other	3.7	3.2	2.9	2.7	2.7
			Exports		0.3	0.4	0.9	0.2	0.1
				Bananas	0.3	0.2	0.2	0.2	0.1
				Coffee	0.0	0.1	0.6	0.0	0.0
			Other		0.0	0.0	0.0	0.0	0.0
		Petroleum derivatives			0.0	0.3	1.0	1.1	1.7
		Other			0.0	0.0	0.0	0.0	0.0
	Nontax revenue				0.3	0.3	0.3	0.3	0.4
	Current transfers				0.7	0.4	0.4	0.6	0.7
Capital revenue					0.5	0.4	0.1	0.0	0.0

Source: Ministry of Finance.

Table 15.

Honduras: Operations of the Social Security Institute

Sources: Central Bank of Honduras; Honduran Institute Social Security; and Fund staff estimates.

Table 15.

Honduras: Operations of the Social Security Institute

							Prel.
			1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue			247.0	283.2	443.3	526.5	600.6
Current revenue			247.0	283.2	443.3	526.5	600.6
Contributions from			201.6	220.1	260.1	297.0	385.3
	Private sector		138.1	163.1	195.0	222.7	288.8
	Central government		21.1	21.6	20.0	22.8	29.6
	Social security institute		4.7	4.2	4.1	4.5	4.7
	Pension funds		4.6	1.8	3.0	3.4	4.4
	Local governments		6.1	4.1	5.0	5.9	8.8
	Public enterprises		27.0	25.3	33.0	37.7	48.9
Interest earnings			49.6	68.6	111.0	152.4	148.3
Other			2.2	4.8	25.0	77.1	32.8
Change in accounts receivable (increase -)			-6.4	-10.3	47.2	0.0	34.2
Total expenditure			193.6	211.8	229.6	268.5	333.2
Current expenditure			176.5	196.5	225.6	228.8	298.8
	Wages and salaries		75.9	84.9	100.3	131.4	146.7
	Goods and services		63.6	63.9	65.0	67.2	70.6
	Contribution to social security		4.7	4.2	4.1	4.5	4.7
	Current transfers		32.3	50.0	56.6	25.7	78.4
		To private sector (benefits)	32.2	45.0	56.6	22.5	71.0
		Other	0.1	5.0	0.0	3.2	7.4
	Change in accounts payable (increase -)		0.0	-65.0	-0.4	0.0	-1.6
Capital expenditure			17.1	15.3	4.0	39.7	34.4
	Fixed capital formation		17.1	15.3	4.0	39.7	2.9
	Inventory change		0.0	0.0	0.0	0.0	31.5
Primary current balance			20.9	18.1	106.7	145.3	153.5
Primary balance			3.8	2.8	102.7	105.6	119.1
Current account balance			70.5	86.7	217.7	297.7	301.8
Overall balance			53.4	71.4	213.7	258.0	267.4
(In percent of GDP)
Current revenue			1.1	1.0	1.2	1.1	1.0
Contributions			0.9	0.8	0.7	0.6	0.6
Interest earnings			0.2	0.2	0.3	0.3	0.2
Other			0.0	0.0	0.2	0.2	0.1
Current expenditure			0.8	0.7	0.6	0.5	0.5
Wages and salaries			0.3	0.3	0.3	0.3	0.2
Current transfers			0.1	0.2	0.2	0.1	0.1
Other			0.3	0.2	0.2	0.1	0.1
Capital expenditure			0.1	0.1	0.0	0.1	0.1
Primary balance			0.0	0.0	0.3	0.2	0.2
Current account balance			0.3	0.3	0.6	0.6	0.5
Overall balance			0.2	0.2	0.6	0.5	0.4

Sources: Central Bank of Honduras; Honduran Institute Social Security; and Fund staff estimates.

Table 15.

Honduras: Operations of the Social Security Institute

							Prel.
			1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue			247.0	283.2	443.3	526.5	600.6
Current revenue			247.0	283.2	443.3	526.5	600.6
Contributions from			201.6	220.1	260.1	297.0	385.3
	Private sector		138.1	163.1	195.0	222.7	288.8
	Central government		21.1	21.6	20.0	22.8	29.6
	Social security institute		4.7	4.2	4.1	4.5	4.7
	Pension funds		4.6	1.8	3.0	3.4	4.4
	Local governments		6.1	4.1	5.0	5.9	8.8
	Public enterprises		27.0	25.3	33.0	37.7	48.9
Interest earnings			49.6	68.6	111.0	152.4	148.3
Other			2.2	4.8	25.0	77.1	32.8
Change in accounts receivable (increase -)			-6.4	-10.3	47.2	0.0	34.2
Total expenditure			193.6	211.8	229.6	268.5	333.2
Current expenditure			176.5	196.5	225.6	228.8	298.8
	Wages and salaries		75.9	84.9	100.3	131.4	146.7
	Goods and services		63.6	63.9	65.0	67.2	70.6
	Contribution to social security		4.7	4.2	4.1	4.5	4.7
	Current transfers		32.3	50.0	56.6	25.7	78.4
		To private sector (benefits)	32.2	45.0	56.6	22.5	71.0
		Other	0.1	5.0	0.0	3.2	7.4
	Change in accounts payable (increase -)		0.0	-65.0	-0.4	0.0	-1.6
Capital expenditure			17.1	15.3	4.0	39.7	34.4
	Fixed capital formation		17.1	15.3	4.0	39.7	2.9
	Inventory change		0.0	0.0	0.0	0.0	31.5
Primary current balance			20.9	18.1	106.7	145.3	153.5
Primary balance			3.8	2.8	102.7	105.6	119.1
Current account balance			70.5	86.7	217.7	297.7	301.8
Overall balance			53.4	71.4	213.7	258.0	267.4
(In percent of GDP)
Current revenue			1.1	1.0	1.2	1.1	1.0
Contributions			0.9	0.8	0.7	0.6	0.6
Interest earnings			0.2	0.2	0.3	0.3	0.2
Other			0.0	0.0	0.2	0.2	0.1
Current expenditure			0.8	0.7	0.6	0.5	0.5
Wages and salaries			0.3	0.3	0.3	0.3	0.2
Current transfers			0.1	0.2	0.2	0.1	0.1
Other			0.3	0.2	0.2	0.1	0.1
Capital expenditure			0.1	0.1	0.0	0.1	0.1
Primary balance			0.0	0.0	0.3	0.2	0.2
Current account balance			0.3	0.3	0.6	0.6	0.5
Overall balance			0.2	0.2	0.6	0.5	0.4

Sources: Central Bank of Honduras; Honduran Institute Social Security; and Fund staff estimates.

Table 16.

Honduras: Operations of INJUPEMP ^1/

Sources: Ministry of Finance; Central Bank of Honduras; INJUPEMP; and Fund staff estimates.

^{^1/}National Institute of Pensions for public employees.

Table 16.

Honduras: Operations of INJUPEMP ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		234.0	279.9	337.0	421.7	527.6
Current revenue		209.1	244.5	310.1	401.1	527.6
Contributions		110.2	143.8	177.1	204.3	311.8
	Government employees	50.9	72.3	103.1	118.9	181.5
	Central government	44.1	55.1	50.6	58.4	89.1
	Local governments	0.9	0.9	1.1	1.3	1.9
	Decentralized agencies	3.3	3.5	6.8	7.8	12.0
	Public enterprises	11.0	12.0	15.5	17.9	27.3
Interest earnings		95.6	98.3	118.0	158.0	167.8
Other revenue		9.3	2.4	15.0	4.2	46.3
Change in accounts receivable (increase -)		-6.0	0.0	0.0	34.6	1.7
Capital revenue		24.9	35.4	26.9	20.6	0.0
Total expenditure		241.2	395.4	464.5	489.5	569.2
Current expenditure		40.0	103.1	102.0	121.8	121.1
Wages and salaries		7.1	9.4	9.6	12.2	15.1
Goods and services		9.3	7.1	8.9	5.7	5.5
Contribution to social security		0.8	0.8	1.0	1.3	1.6
Current transfers		36.5	43.5	62.8	83.9	96.1
	To private sector (benefits)	36.5	43.3	62.5	79.6	96.1
	Other	0.0	0.2	0.3	4.3	0.0
Change in accounts payable (increase -)		-13.7	42.3	19.7	18.7	2.8
Capital expenditure and net lending		201.2	292.3	362.5	367.7	448.1
Fixed capital formation		152.2	228.4	295.1	226.4	144.2
Other		0.0	0.0	0.0	1.7	2.6
Net lending		49.0	63.9	67.4	139.6	301.3
Primary balance		-102.8	-213.8	-245.5	-225.8	-209.4
Current account balance		169.1	141.4	208.1	279.3	406.5
Overall balance		-7.2	-115.5	-127.5	-67.8	-41.6
(In percent of GDP)
Current revenue		0.9	0.8	0.8	0.8	0.9
Contributions		0.5	0.5	0.5	0.4	0.5
Interest earnings		0.4	0.3	0.3	0.3	0.3
Other		0.0	0.0	0.0	0.1	0.1
Current expenditure		0.2	0.4	0.3	0.3	0.2
Current transfers		0.2	0.2	0.2	0.2	0.2
Other		0.0	0.2	0.1	0.1	0.0
Current account balance		0.7	0.5	0.6	0.6	0.7
Capital expenditure and net lending		0.9	1.0	1.0	0.8	0.7
Overall balance		0.0	-0.4	-0.3	-0.1	-0.1

Sources: Ministry of Finance; Central Bank of Honduras; INJUPEMP; and Fund staff estimates.

^{^1/}National Institute of Pensions for public employees.

Table 16.

Honduras: Operations of INJUPEMP ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		234.0	279.9	337.0	421.7	527.6
Current revenue		209.1	244.5	310.1	401.1	527.6
Contributions		110.2	143.8	177.1	204.3	311.8
	Government employees	50.9	72.3	103.1	118.9	181.5
	Central government	44.1	55.1	50.6	58.4	89.1
	Local governments	0.9	0.9	1.1	1.3	1.9
	Decentralized agencies	3.3	3.5	6.8	7.8	12.0
	Public enterprises	11.0	12.0	15.5	17.9	27.3
Interest earnings		95.6	98.3	118.0	158.0	167.8
Other revenue		9.3	2.4	15.0	4.2	46.3
Change in accounts receivable (increase -)		-6.0	0.0	0.0	34.6	1.7
Capital revenue		24.9	35.4	26.9	20.6	0.0
Total expenditure		241.2	395.4	464.5	489.5	569.2
Current expenditure		40.0	103.1	102.0	121.8	121.1
Wages and salaries		7.1	9.4	9.6	12.2	15.1
Goods and services		9.3	7.1	8.9	5.7	5.5
Contribution to social security		0.8	0.8	1.0	1.3	1.6
Current transfers		36.5	43.5	62.8	83.9	96.1
	To private sector (benefits)	36.5	43.3	62.5	79.6	96.1
	Other	0.0	0.2	0.3	4.3	0.0
Change in accounts payable (increase -)		-13.7	42.3	19.7	18.7	2.8
Capital expenditure and net lending		201.2	292.3	362.5	367.7	448.1
Fixed capital formation		152.2	228.4	295.1	226.4	144.2
Other		0.0	0.0	0.0	1.7	2.6
Net lending		49.0	63.9	67.4	139.6	301.3
Primary balance		-102.8	-213.8	-245.5	-225.8	-209.4
Current account balance		169.1	141.4	208.1	279.3	406.5
Overall balance		-7.2	-115.5	-127.5	-67.8	-41.6
(In percent of GDP)
Current revenue		0.9	0.8	0.8	0.8	0.9
Contributions		0.5	0.5	0.5	0.4	0.5
Interest earnings		0.4	0.3	0.3	0.3	0.3
Other		0.0	0.0	0.0	0.1	0.1
Current expenditure		0.2	0.4	0.3	0.3	0.2
Current transfers		0.2	0.2	0.2	0.2	0.2
Other		0.0	0.2	0.1	0.1	0.0
Current account balance		0.7	0.5	0.6	0.6	0.7
Capital expenditure and net lending		0.9	1.0	1.0	0.8	0.7
Overall balance		0.0	-0.4	-0.3	-0.1	-0.1

Sources: Ministry of Finance; Central Bank of Honduras; INJUPEMP; and Fund staff estimates.

^{^1/}National Institute of Pensions for public employees.

Table 17.

Honduras: Operations of INPREMA ^1/

Sources: Central Bank of Honduras; IMPREMA; and Fund staff estimates.

^{^1/}Pension fund for civil service and teachers.

Table 17.

Honduras: Operations of INPREMA ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		119.1	176.4	270.1	295.2	620.8
Current revenue		119.1	168.5	268.5	288.3	526.8
Contributions from		120.7	148.2	186.4	182.6	282.4
	Private sector	51.0	63.8	77.4	75.8	117.3
	Central government	67.4	81.4	105.0	102.9	159.1
	IMPREMA as employer	2.3	3.0	4.0	3.9	6.1
Interest earnings		50.1	51.0	79.5	90.0	182.9
Other		4.9	20.9	2.6	13.7	33.1
Change in accounts receivable (increase -)		-56.6	-51.6	0.0	2.0	28.4
Capital revenue		0.0	7.9	1.6	6.9	94.0
Total expenditure		180.2	186.6	291.2	384.3	435.8
Current expenditure		73.9	89.8	133.6	152.6	213.8
Wages and salaries		6.3	7.9	9.7	11.3	14.5
Goods and services		4.4	4.9	8.9	8.1	9.4
Contribution to social security		3.1	4.2	5.5	5.7	8.3
Transfers to private sector (benefits)		62.7	76.1	110.5	135.6	180.9
Change in accounts payable (increase -)		-2.6	-3.4	-1.0	-8.1	0.7
Capital expenditure and net lending		106.3	96.8	157.6	231.7	222.0
Capital expenditure		61.5	65.3	131.6	80.5	57.8
	Fixed capital formation	46.1	65.2	131.3	78.6	51.4
	Other	15.4	0.1	0.3	1.9	6.4
Net lending		44.8	31.5	26.0	151.2	164.2
Primary balance		-111.2	-61.2	-100.6	-179.1	2.1
Current account balance		45.2	78.8	134.9	135.7	313.0
Overall balance		-61.1	-10.2	-21.1	-89.1	185.0
(In percent of GDP)
Current account balance		0.2	0.3	0.4	0.3	0.5
Capital expenditure and net lending		0.5	0.3	0.4	0.5	0.4
Overall balance		-0.3	0.0	-0.1	-0.2	0.3

Sources: Central Bank of Honduras; IMPREMA; and Fund staff estimates.

^{^1/}Pension fund for civil service and teachers.

Table 17.

Honduras: Operations of INPREMA ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		119.1	176.4	270.1	295.2	620.8
Current revenue		119.1	168.5	268.5	288.3	526.8
Contributions from		120.7	148.2	186.4	182.6	282.4
	Private sector	51.0	63.8	77.4	75.8	117.3
	Central government	67.4	81.4	105.0	102.9	159.1
	IMPREMA as employer	2.3	3.0	4.0	3.9	6.1
Interest earnings		50.1	51.0	79.5	90.0	182.9
Other		4.9	20.9	2.6	13.7	33.1
Change in accounts receivable (increase -)		-56.6	-51.6	0.0	2.0	28.4
Capital revenue		0.0	7.9	1.6	6.9	94.0
Total expenditure		180.2	186.6	291.2	384.3	435.8
Current expenditure		73.9	89.8	133.6	152.6	213.8
Wages and salaries		6.3	7.9	9.7	11.3	14.5
Goods and services		4.4	4.9	8.9	8.1	9.4
Contribution to social security		3.1	4.2	5.5	5.7	8.3
Transfers to private sector (benefits)		62.7	76.1	110.5	135.6	180.9
Change in accounts payable (increase -)		-2.6	-3.4	-1.0	-8.1	0.7
Capital expenditure and net lending		106.3	96.8	157.6	231.7	222.0
Capital expenditure		61.5	65.3	131.6	80.5	57.8
	Fixed capital formation	46.1	65.2	131.3	78.6	51.4
	Other	15.4	0.1	0.3	1.9	6.4
Net lending		44.8	31.5	26.0	151.2	164.2
Primary balance		-111.2	-61.2	-100.6	-179.1	2.1
Current account balance		45.2	78.8	134.9	135.7	313.0
Overall balance		-61.1	-10.2	-21.1	-89.1	185.0
(In percent of GDP)
Current account balance		0.2	0.3	0.4	0.3	0.5
Capital expenditure and net lending		0.5	0.3	0.4	0.5	0.4
Overall balance		-0.3	0.0	-0.1	-0.2	0.3

Sources: Central Bank of Honduras; IMPREMA; and Fund staff estimates.

^{^1/}Pension fund for civil service and teachers.

Table 18.

Honduras: Operations of the Local Governments

Source: Central government budget.

Table 18.

Honduras: Operations of the Local Governments

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		424.4	486.9	582.2	677.6	962.5
Current revenue		306.4	375.9	446.8	520.5	655.5
Tax revenue		196.8	212.4	206.2	282.6	345.8
Nontax revenue		97.5	150.0	186.1	227.7	301.9
Current transfers from		12.1	13.5	54.5	6.8	0.0
	Central government	9.1	10.3	49.5	6.8	0.0
	Public enterprises	3.0	3.2	5.0	0.0	0.0
Interest earnings		0.0	0.0	0.0	3.4	7.8
Capital revenue		118.0	111.0	135.4	157.1	307.0
From central government		114.0	107.0	131.4	147.7	262.1
Other		4.0	4.0	4.0	9.4	44.9
Total expenditure		482.0	655.4	758.1	767.7	1,275.4
Current expenditures		274.0	352.4	384.1	425.9	571.5
Wages and salaries		168.0	162.4	194.9	245.9	275.6
Goods and services		66.8	78.1	100.5	113.4	151.5
Interest		28.9	27.6	21.2	24.9	62.7
Contributions to social security		7.0	5.0	6.1	7.2	10.7
Transfers to private sector		3.3	22.1	61.5	34.5	71.0
Change in accounts payables (increase -)		0.0	57.2	0.0	0.0	0.0
Capital expenditures		208.0	303.0	374.0	341.8	703.9
Fixed capital formation		208.0	303.0	374.0	341.8	700.5
Net lending		0.0	0.0	0.0	0.0	3.4
Primary current account balance		61.3	51.1	83.8	116.1	138.9
Primary balance		-28.7	-140.9	-154.8	-68.6	-258.0
Current account balance		32.4	23.5	62.7	94.6	84.0
Overall balance		-57.6	-168.5	-175.9	-90.1	-312.9
(In percent of GDP)
Capital expenditure		0.9	1.0	1.0	0.7	1.1
Current account balance		0.1	0.1	0.2	0.2	0.1
Primary balance		-0.1	-0.5	-0.4	-0.1	-0.4
Overall balance		-0.3	-0.6	-0.5	-0.2	-0.5

Source: Central government budget.

Table 18.

Honduras: Operations of the Local Governments

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		424.4	486.9	582.2	677.6	962.5
Current revenue		306.4	375.9	446.8	520.5	655.5
Tax revenue		196.8	212.4	206.2	282.6	345.8
Nontax revenue		97.5	150.0	186.1	227.7	301.9
Current transfers from		12.1	13.5	54.5	6.8	0.0
	Central government	9.1	10.3	49.5	6.8	0.0
	Public enterprises	3.0	3.2	5.0	0.0	0.0
Interest earnings		0.0	0.0	0.0	3.4	7.8
Capital revenue		118.0	111.0	135.4	157.1	307.0
From central government		114.0	107.0	131.4	147.7	262.1
Other		4.0	4.0	4.0	9.4	44.9
Total expenditure		482.0	655.4	758.1	767.7	1,275.4
Current expenditures		274.0	352.4	384.1	425.9	571.5
Wages and salaries		168.0	162.4	194.9	245.9	275.6
Goods and services		66.8	78.1	100.5	113.4	151.5
Interest		28.9	27.6	21.2	24.9	62.7
Contributions to social security		7.0	5.0	6.1	7.2	10.7
Transfers to private sector		3.3	22.1	61.5	34.5	71.0
Change in accounts payables (increase -)		0.0	57.2	0.0	0.0	0.0
Capital expenditures		208.0	303.0	374.0	341.8	703.9
Fixed capital formation		208.0	303.0	374.0	341.8	700.5
Net lending		0.0	0.0	0.0	0.0	3.4
Primary current account balance		61.3	51.1	83.8	116.1	138.9
Primary balance		-28.7	-140.9	-154.8	-68.6	-258.0
Current account balance		32.4	23.5	62.7	94.6	84.0
Overall balance		-57.6	-168.5	-175.9	-90.1	-312.9
(In percent of GDP)
Capital expenditure		0.9	1.0	1.0	0.7	1.1
Current account balance		0.1	0.1	0.2	0.2	0.1
Primary balance		-0.1	-0.5	-0.4	-0.1	-0.4
Overall balance		-0.3	-0.6	-0.5	-0.2	-0.5

Source: Central government budget.

Table 19.

Honduras: Operations of the Decentralized Agencies ^1/

Source: Central government budget.

^{^1/}Includes SID, INA, INFOP, IHADFA, IHDECOOP, JNBS, UNAH, UPN, PANI, EDUCREDITO, JOURNALISTS CORP, SPORTS FED. Excluding FHIS.

Table 19.

Honduras: Operations of the Decentralized Agencies ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		452.3	654.7	645.0	652.6	1,122.8
Current revenue		290.3	295.7	453.6	440.8	754.6
	Central government transfers	290.3	295.7	453.6	440.8	691.5
	Interest earnings	0.0	0.0	0.0	0.0	63.1
Capital revenue		162.0	359.0	191.4	211.8	368.2
	Central government transfers	162.0	359.0	191.4	211.8	368.2
	Other	0.0	0.0	0.0	0.0	0.0
Total expenditure		348.2	509.3	377.5	483.8	1,036.9
Current expenditure		287.6	241.2	213.9	353.8	861.0
	Wages and salaries	58.0	70.2	114.2	138.2	143.6
	Interest	0.0	0.0	0.0	0.0	1.8
	Contributions to social security	3.3	3.5	6.8	7.8	12.0
	Transfers to private sector	226.3	167.5	92.9	207.8	703.6
Capital expenditure		60.6	268.1	163.6	130.0	175.9
	Fixed capital formation	60.6	268.1	163.6	130.0	175.9
Primary balance		104.1	145.4	267.5	168.8	24.6
Current account balance		2.7	54.5	239.7	87.0	-106.4
Overall balance		104.1	145.4	267.5	168.8	85.9
(In percent of GDP)
Capital expenditure		0.3	0.9	0.4	0.3	0.3
Current account balance		0.0	0.2	0.6	0.2	-0.2
Primary balance		0.5	0.5	0.7	0.4	0.0
Overall balance		0.5	0.5	0.7	0.4	0.1

Source: Central government budget.

^{^1/}Includes SID, INA, INFOP, IHADFA, IHDECOOP, JNBS, UNAH, UPN, PANI, EDUCREDITO, JOURNALISTS CORP, SPORTS FED. Excluding FHIS.

Table 19.

Honduras: Operations of the Decentralized Agencies ^1/

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Total revenue		452.3	654.7	645.0	652.6	1,122.8
Current revenue		290.3	295.7	453.6	440.8	754.6
	Central government transfers	290.3	295.7	453.6	440.8	691.5
	Interest earnings	0.0	0.0	0.0	0.0	63.1
Capital revenue		162.0	359.0	191.4	211.8	368.2
	Central government transfers	162.0	359.0	191.4	211.8	368.2
	Other	0.0	0.0	0.0	0.0	0.0
Total expenditure		348.2	509.3	377.5	483.8	1,036.9
Current expenditure		287.6	241.2	213.9	353.8	861.0
	Wages and salaries	58.0	70.2	114.2	138.2	143.6
	Interest	0.0	0.0	0.0	0.0	1.8
	Contributions to social security	3.3	3.5	6.8	7.8	12.0
	Transfers to private sector	226.3	167.5	92.9	207.8	703.6
Capital expenditure		60.6	268.1	163.6	130.0	175.9
	Fixed capital formation	60.6	268.1	163.6	130.0	175.9
Primary balance		104.1	145.4	267.5	168.8	24.6
Current account balance		2.7	54.5	239.7	87.0	-106.4
Overall balance		104.1	145.4	267.5	168.8	85.9
(In percent of GDP)
Capital expenditure		0.3	0.9	0.4	0.3	0.3
Current account balance		0.0	0.2	0.6	0.2	-0.2
Primary balance		0.5	0.5	0.7	0.4	0.0
Overall balance		0.5	0.5	0.7	0.4	0.1

Source: Central government budget.

^{^1/}Includes SID, INA, INFOP, IHADFA, IHDECOOP, JNBS, UNAH, UPN, PANI, EDUCREDITO, JOURNALISTS CORP, SPORTS FED. Excluding FHIS.

Table 20.

Honduras: Operations of National Enterprise of Electricity Energy, ENEE

Sources: Ministry of Finance; ENEE; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 20.

Honduras: Operations of National Enterprise of Electricity Energy, ENEE

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		865.7	1,032.3	1,435.6	2,104.5	2,567.7
Sales of electricity ^1/		894.0	986.7	1,542.6	2,156.9	2,525.0
Interest earnings		0.0	0.0	0.0	13.4	32.4
Other goods and services		25.8	81.8	30.4	103.7	132.9
Change in accounts receivable (increase -)		-54.1	-36.2	-137.4	-169.5	-122.6
Operating expenditure		334.4	763.3	1,544.2	2,029.7	2,035.6
Wages and salaries ^2/		81.4	101.8	99.1	144.8	160.7
Severance payments		0.0	0.0	13.1	12.5	7.9
Goods and services		156.6	343.2	1,033.6	1,337.2	1,488.1
	Fuels	99.9	87.1	270.5	56.9	59.4
	Others including maintenance	51.7	60.6	65.8	76.8	8.3
	Purchase of energy	5.0	195.5	697.3	1,203.5	1,420.4
Interest		220.6	311.4	398.4	466.0	301.9
	External	163.9	187.9	364.8	412.1	286.4
	Domestic	56.7	123.5	33.6	53.9	15.5
Other		8.2	6.9	0.0	42.4	161.8
Change in accounts payable (increase -)		-132.4	0.0	0.0	26.8	-84.8
Operating balance		531.3	269.0	-108.6	74.8	532.1
Net transfer payments		28.1	2.3	4.0	-224.0	-274.5
Taxes and transfer payments		28.1	5.7	4.0	7.5	39.3
	To central government	25.9	3.4	0.0	0.1	0.0
	To rest of general government	2.2	2.3	0.0	0.0	0.0
	To private sector	0.0	0.0	4.0	7.4	39.3
Transfer receipts		0.0	3.4	0.0	231.5	313.8
	From central government	0.0	3.4	0.0	231.5	313.8
Current account balance		503.2	266.6	-112.6	298.8	806.6
Net capital revenue		66.6	0.0	36.4	10.0	20.0
Capital transfers receipts		66.6	0.0	36.4	10.0	20.0
	From central government	66.6	0.0	36.4	10.0	20.0
Capital expenditure		424.8	408.2	170.4	305.9	382.3
Primary balance		365.6	169.8	151.8	455.5	713.8
Overall balance		145.0	-141.6	-246.6	2.9	444.3
Financing		-145.0	141.6	246.6	-2.9	-444.3
Foreign (net)		-216.1	-308.4	-90.3	-274.8	-214.8
	Drawings	310.9	232.1	246.7	7.7	15.9
	Amortization payments	527.0	540.5	281.3	282.5	230.7
	Payment of arrears	0.0	0.0	55.7	0.0	0.0
Domestic		71.1	450.0	336.9	271.9	-229.5
	Central bank	59.3	-43.1	-34.4	27.1	-16.1
	Rest of banking system	-0.2	-12.4	-3.1	7.4	-69.4
	Government emergency loan	0.0	468.0	500.4	203.0	105.2
	From government with foreign resources	0.0	0.0	-46.2	53.1	-183.7
	Investment in securities and foreign account	0.0	0.0	16.3	16.3	-67.0
	Other	12.0	37.5	-96.1	-35.0	1.5
(In percent of GDP)
Operating revenue		3.8	3.6	3.8	4.4	4.2
Operating expenditure		1.5	2.6	4.1	4.2	3.3
Net current transfer payments		0.1	0.0	0.0	-0.5	-0.4
Net capital revenue		0.3	0.0	0.1	0.0	0.0
Capital expenditure		1.9	1.4	0.5	0.6	0.6
Operating balance		2.3	0.9	-0.3	0.2	0.9
Current account balance		2.2	0.9	-0.3	0.6	1.3
Primary balance		1.6	0.6	0.4	1.0	1.2
Overall balance		0.6	-0.5	-0.7	0.0	0.7
External financing		-1.0	-1.1	-0.2	-0.6	-0.3
Domestic financing		0.3	1.6	0.9	0.6	-0.4
Memorandum items:
Tariff in lempiras per KWH, average		0.49	0.57	0.80	0.99	1.14
Tariff in U.S. cents per KWH, average		7.53	6.79	7.82	7.76	8.70
Output sold in GW/H (in millions of lempiras)		1,820	1,730	1,586	2,193	2,828

Sources: Ministry of Finance; ENEE; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 20.

Honduras: Operations of National Enterprise of Electricity Energy, ENEE

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		865.7	1,032.3	1,435.6	2,104.5	2,567.7
Sales of electricity ^1/		894.0	986.7	1,542.6	2,156.9	2,525.0
Interest earnings		0.0	0.0	0.0	13.4	32.4
Other goods and services		25.8	81.8	30.4	103.7	132.9
Change in accounts receivable (increase -)		-54.1	-36.2	-137.4	-169.5	-122.6
Operating expenditure		334.4	763.3	1,544.2	2,029.7	2,035.6
Wages and salaries ^2/		81.4	101.8	99.1	144.8	160.7
Severance payments		0.0	0.0	13.1	12.5	7.9
Goods and services		156.6	343.2	1,033.6	1,337.2	1,488.1
	Fuels	99.9	87.1	270.5	56.9	59.4
	Others including maintenance	51.7	60.6	65.8	76.8	8.3
	Purchase of energy	5.0	195.5	697.3	1,203.5	1,420.4
Interest		220.6	311.4	398.4	466.0	301.9
	External	163.9	187.9	364.8	412.1	286.4
	Domestic	56.7	123.5	33.6	53.9	15.5
Other		8.2	6.9	0.0	42.4	161.8
Change in accounts payable (increase -)		-132.4	0.0	0.0	26.8	-84.8
Operating balance		531.3	269.0	-108.6	74.8	532.1
Net transfer payments		28.1	2.3	4.0	-224.0	-274.5
Taxes and transfer payments		28.1	5.7	4.0	7.5	39.3
	To central government	25.9	3.4	0.0	0.1	0.0
	To rest of general government	2.2	2.3	0.0	0.0	0.0
	To private sector	0.0	0.0	4.0	7.4	39.3
Transfer receipts		0.0	3.4	0.0	231.5	313.8
	From central government	0.0	3.4	0.0	231.5	313.8
Current account balance		503.2	266.6	-112.6	298.8	806.6
Net capital revenue		66.6	0.0	36.4	10.0	20.0
Capital transfers receipts		66.6	0.0	36.4	10.0	20.0
	From central government	66.6	0.0	36.4	10.0	20.0
Capital expenditure		424.8	408.2	170.4	305.9	382.3
Primary balance		365.6	169.8	151.8	455.5	713.8
Overall balance		145.0	-141.6	-246.6	2.9	444.3
Financing		-145.0	141.6	246.6	-2.9	-444.3
Foreign (net)		-216.1	-308.4	-90.3	-274.8	-214.8
	Drawings	310.9	232.1	246.7	7.7	15.9
	Amortization payments	527.0	540.5	281.3	282.5	230.7
	Payment of arrears	0.0	0.0	55.7	0.0	0.0
Domestic		71.1	450.0	336.9	271.9	-229.5
	Central bank	59.3	-43.1	-34.4	27.1	-16.1
	Rest of banking system	-0.2	-12.4	-3.1	7.4	-69.4
	Government emergency loan	0.0	468.0	500.4	203.0	105.2
	From government with foreign resources	0.0	0.0	-46.2	53.1	-183.7
	Investment in securities and foreign account	0.0	0.0	16.3	16.3	-67.0
	Other	12.0	37.5	-96.1	-35.0	1.5
(In percent of GDP)
Operating revenue		3.8	3.6	3.8	4.4	4.2
Operating expenditure		1.5	2.6	4.1	4.2	3.3
Net current transfer payments		0.1	0.0	0.0	-0.5	-0.4
Net capital revenue		0.3	0.0	0.1	0.0	0.0
Capital expenditure		1.9	1.4	0.5	0.6	0.6
Operating balance		2.3	0.9	-0.3	0.2	0.9
Current account balance		2.2	0.9	-0.3	0.6	1.3
Primary balance		1.6	0.6	0.4	1.0	1.2
Overall balance		0.6	-0.5	-0.7	0.0	0.7
External financing		-1.0	-1.1	-0.2	-0.6	-0.3
Domestic financing		0.3	1.6	0.9	0.6	-0.4
Memorandum items:
Tariff in lempiras per KWH, average		0.49	0.57	0.80	0.99	1.14
Tariff in U.S. cents per KWH, average		7.53	6.79	7.82	7.76	8.70
Output sold in GW/H (in millions of lempiras)		1,820	1,730	1,586	2,193	2,828

Sources: Ministry of Finance; ENEE; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 21.

Honduras: Operations of the National Telecommunications Enterprise, HONDUTEL

Sources: Ministry of Finance; HONDUTEL; Central Bank of Honduras; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 21.

Honduras: Operations of the National Telecommunications Enterprise, HONDUTEL

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		637.4	780.1	1,074.7	1,688.8	1,874.2
Sales of goods and services ^1/		624.3	856.8	1,235.4	1,645.1	1,884.5
Interest earnings		0.0	5.3	7.5	50.8	51.9
Other		22.7	12.2	75.9	136.8	32.3
Change in accounts receivable (increase -)		-9.6	-94.2	-244.1	-143.9	-94.5
Operating expenditure		173.5	315.1	451.6	677.1	565.6
Wages and salaries ^2/		114.3	141.5	211.9	260.1	324.0
Severance payments		0.0	0.0	29.4	29.5	7.4
Goods and services		40.7	53.6	66.9	171.3	124.4
Interest		57.0	143.5	107.6	123.2	109.8
	External	57.0	111.1	94.0	111.6	103.3
	Domestic	0.0	32.4	13.6	11.6	6.5
Other		8.7	16.5	8.8	0.0	0.0
Change in accounts payable (increase -)		-47.2	40.0	27.0	93.0	0.0
Operating balance		463.9	465.0	623.1	1,011.7	1,308.6
Net transfer payments		156.8	147.2	138.4	202.7	212.3
Taxes and transfer payments		156.8	147.2	138.4	202.7	212.3
	To central government	135.3	129.4	123.2	184.4	189.6
	To rest of general government	11.5	0.0	0.0	0.0	0.0
	To private sector	8.9	15.6	9.5	0.0	6.6
	To abroad	1.1	2.2	5.7	18.3	15.9
Current account balance		307.1	317.8	484.7	809.0	1,096.3
Net capital revenue		0.0	16.9	0.0	58.0	0.0
Capital revenue		0.0	16.9	0.0	58.0	0.0
Capital expenditure		179.7	592.2	681.7	1,093.1	711.9
Fixed investment		91.8	509.9	701.6	1,078.0	724.9
Inventory changes		45.2	39.8	-21.6	14.5	-13.5
Other		42.7	42.5	1.7	0.6	0.5
Primary balance		184.4	-119.3	-96.9	-153.7	442.3
Overall balance		127.4	-257.5	-197.0	-226.1	384.4
Total financing		-127.4	257.5	197.0	226.1	-384.4
Foreign		-40.6	161.6	-39.1	-486.4	-357.9
	Drawings	860.7	440.0	3.2	4.3	30.8
	Amortization	102.7	80.0	42.3	490.7	388.7
	Investment trust amortization	798.6	198.4	0.0	0.0	0.0
Domestic		-86.8	95.9	236.1	712.5	-26.5
	Central bank	-19.9	55.2	64.0	-130.3	5.3
	Rest of banking system	32.0	55.9	11.0	-9.5	-70.9
	Government with foreign resources	0.0	0.0	-144.9	0.0	0.0
	Investment in securities and foreign account	0.0	0.0	0.0	554.9	-22.3
	Other	-98.9	-15.2	306.0	297.4	61.4
(In percent of GDP)
Operating revenue		2.8	2.7	2.9	3.5	3.1
Operating expenditure		0.8	1.1	1.2	1.4	0.9
Net current transfers payments		0.7	0.5	0.4	0.4	0.3
Net capital revenue		0.0	0.1	0.0	0.1	0.0
Capital expenditure		0.8	2.1	1.8	2.3	1.2
Operating balance		2.0	1.6	1.7	2.1	2.1
Current account balance		1.4	1.1	1.3	1.7	1.8
Primary balance		0.8	-0.4	-03	-0.3	0.7
Overall balance		0.6	-0.9	-0.5	-0.5	0.6
External financing		-0.2	0.6	-0.1	-1.0	-0.6
Domestic financing		-0.4	0.3	0.6	1.5	0.0

Sources: Ministry of Finance; HONDUTEL; Central Bank of Honduras; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 21.

Honduras: Operations of the National Telecommunications Enterprise, HONDUTEL

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		637.4	780.1	1,074.7	1,688.8	1,874.2
Sales of goods and services ^1/		624.3	856.8	1,235.4	1,645.1	1,884.5
Interest earnings		0.0	5.3	7.5	50.8	51.9
Other		22.7	12.2	75.9	136.8	32.3
Change in accounts receivable (increase -)		-9.6	-94.2	-244.1	-143.9	-94.5
Operating expenditure		173.5	315.1	451.6	677.1	565.6
Wages and salaries ^2/		114.3	141.5	211.9	260.1	324.0
Severance payments		0.0	0.0	29.4	29.5	7.4
Goods and services		40.7	53.6	66.9	171.3	124.4
Interest		57.0	143.5	107.6	123.2	109.8
	External	57.0	111.1	94.0	111.6	103.3
	Domestic	0.0	32.4	13.6	11.6	6.5
Other		8.7	16.5	8.8	0.0	0.0
Change in accounts payable (increase -)		-47.2	40.0	27.0	93.0	0.0
Operating balance		463.9	465.0	623.1	1,011.7	1,308.6
Net transfer payments		156.8	147.2	138.4	202.7	212.3
Taxes and transfer payments		156.8	147.2	138.4	202.7	212.3
	To central government	135.3	129.4	123.2	184.4	189.6
	To rest of general government	11.5	0.0	0.0	0.0	0.0
	To private sector	8.9	15.6	9.5	0.0	6.6
	To abroad	1.1	2.2	5.7	18.3	15.9
Current account balance		307.1	317.8	484.7	809.0	1,096.3
Net capital revenue		0.0	16.9	0.0	58.0	0.0
Capital revenue		0.0	16.9	0.0	58.0	0.0
Capital expenditure		179.7	592.2	681.7	1,093.1	711.9
Fixed investment		91.8	509.9	701.6	1,078.0	724.9
Inventory changes		45.2	39.8	-21.6	14.5	-13.5
Other		42.7	42.5	1.7	0.6	0.5
Primary balance		184.4	-119.3	-96.9	-153.7	442.3
Overall balance		127.4	-257.5	-197.0	-226.1	384.4
Total financing		-127.4	257.5	197.0	226.1	-384.4
Foreign		-40.6	161.6	-39.1	-486.4	-357.9
	Drawings	860.7	440.0	3.2	4.3	30.8
	Amortization	102.7	80.0	42.3	490.7	388.7
	Investment trust amortization	798.6	198.4	0.0	0.0	0.0
Domestic		-86.8	95.9	236.1	712.5	-26.5
	Central bank	-19.9	55.2	64.0	-130.3	5.3
	Rest of banking system	32.0	55.9	11.0	-9.5	-70.9
	Government with foreign resources	0.0	0.0	-144.9	0.0	0.0
	Investment in securities and foreign account	0.0	0.0	0.0	554.9	-22.3
	Other	-98.9	-15.2	306.0	297.4	61.4
(In percent of GDP)
Operating revenue		2.8	2.7	2.9	3.5	3.1
Operating expenditure		0.8	1.1	1.2	1.4	0.9
Net current transfers payments		0.7	0.5	0.4	0.4	0.3
Net capital revenue		0.0	0.1	0.0	0.1	0.0
Capital expenditure		0.8	2.1	1.8	2.3	1.2
Operating balance		2.0	1.6	1.7	2.1	2.1
Current account balance		1.4	1.1	1.3	1.7	1.8
Primary balance		0.8	-0.4	-03	-0.3	0.7
Overall balance		0.6	-0.9	-0.5	-0.5	0.6
External financing		-0.2	0.6	-0.1	-1.0	-0.6
Domestic financing		-0.4	0.3	0.6	1.5	0.0

Sources: Ministry of Finance; HONDUTEL; Central Bank of Honduras; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 22.

Honduras: Operations of the National Autonomous Water and Sewerage Service, SANAA

Sources: Ministry of Finance; SANAA; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 22.

Honduras: Operations of the National Autonomous Water and Sewerage Service, SANAA

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		30.5	59.9	92.5	110.9	158.7
Sales of goods and services ^1/		39.5	46.9	74.6	104.1	117.3
Interest earnings		0.0	0.0	0.0	0.0	4.2
Other		0.1	12.1	17.9	26.3	27.9
Change in accounts receivable (increase -)		-9.1	0.9	0.0	-19.5	9.3
Operating expenditure		2.8	50.5	68.5	107.9	112.5
Wages and salaries ^2/		22.5	28.2	34.8	42.7	58.0
Severance payments		0.0	0.0	3.2	5.7	5.4
Goods and services		28.6	21.0	29.7	33.5	59.9
Interest		0.9	0.8	0.8	0.9	0.0
	External	0.0	0.0	0.0	0.0	0.0
	Domestic	0.5	0.8	0.8	0.9	0.0
Other		0.5	0.5	0.0	1.8	0.0
Change in accounts payable (increase -)		-49.7	0.0	0.0	23.3	-10.8
Operating balance		27.7	9.4	24.0	3.0	46.2
Net transfer payments		6.5	10.6	0.0	0.0	0.1
Taxes and transfer payments		6.5	10.6	0.0	0.0	0.1
	To central government	5.2	5.1	0.0	0.0	0.0
	To rest of general government	1.3	1.3	0.0	0.0	0.0
	To private sector	0.0	4.1	0.0	0.0	0.1
Current account balance		21.2	-1.2	24.0	3.0	46.1
Net capital revenue		221.5	123.7	311.7	151.3	95.7
Capital revenue		0.0	7.3	0.0	0.0	0.0
Capital transfers receipts		221.5	116.4	311.7	151.3	95.7
	From central government	221.5	116.4	216.8	151.3	95.7
	From other	0.0	0.0	94.9	0.0	0.0
Capital expenditure		228.4	124.1	311.7	161.0	137.7
Fixed investment		173.3	123.7	291.4	165.4	127.6
Inventory changes		55.1	0.4	20.3	-4.4	10.1
Primary balance		15.2	-0.8	24.8	-5.8	-0.1
Overall balance		14.3	-1.6	24.0	-6.7	4.1
Financing		-14.3	1.6	-24.0	6.7	-4.1
Foreign		-0.3	-3.2	0.0	0.0	0.0
	Drawings	2.1	0.0	0.0	0.0	0.0
	Amortization payments	2.4	3.2	0.0	0.0	0.0
Domestic		-14.0	4.8	-24.0	6.7	-4.1
	Central bank	0.0	-4.8	0.0	-0.4	-12.9
	Rest of banking system	0.1	1.4	-0.1	0.0	0.0
	Other	-14.1	8.2	-23.9	7.1	8.8
(In percent of GDP)
Operating revenue		0.1	0.2	0.2	0.2	0.3
Operating expenditure		0.0	0.2	0.2	0.2	0.2
Net current transfer payments		0.0	0.0	0.0	0.0	0.0
Net capital revenue		1.0	0.4	0.8	0.3	0.2
Capital expenditure		1.0	0.4	0.8	0.3	0.2
Operating balance		0.1	0.0	0.1	0.0	0.1
Current account balance		0.1	0.0	0.1	0.0	0.1
Primary balance		0.1	0.0	0.1	0.0	0.0
Overall balance		0.1	0.0	0.1	0.0	0.0

Sources: Ministry of Finance; SANAA; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 22.

Honduras: Operations of the National Autonomous Water and Sewerage Service, SANAA

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		30.5	59.9	92.5	110.9	158.7
Sales of goods and services ^1/		39.5	46.9	74.6	104.1	117.3
Interest earnings		0.0	0.0	0.0	0.0	4.2
Other		0.1	12.1	17.9	26.3	27.9
Change in accounts receivable (increase -)		-9.1	0.9	0.0	-19.5	9.3
Operating expenditure		2.8	50.5	68.5	107.9	112.5
Wages and salaries ^2/		22.5	28.2	34.8	42.7	58.0
Severance payments		0.0	0.0	3.2	5.7	5.4
Goods and services		28.6	21.0	29.7	33.5	59.9
Interest		0.9	0.8	0.8	0.9	0.0
	External	0.0	0.0	0.0	0.0	0.0
	Domestic	0.5	0.8	0.8	0.9	0.0
Other		0.5	0.5	0.0	1.8	0.0
Change in accounts payable (increase -)		-49.7	0.0	0.0	23.3	-10.8
Operating balance		27.7	9.4	24.0	3.0	46.2
Net transfer payments		6.5	10.6	0.0	0.0	0.1
Taxes and transfer payments		6.5	10.6	0.0	0.0	0.1
	To central government	5.2	5.1	0.0	0.0	0.0
	To rest of general government	1.3	1.3	0.0	0.0	0.0
	To private sector	0.0	4.1	0.0	0.0	0.1
Current account balance		21.2	-1.2	24.0	3.0	46.1
Net capital revenue		221.5	123.7	311.7	151.3	95.7
Capital revenue		0.0	7.3	0.0	0.0	0.0
Capital transfers receipts		221.5	116.4	311.7	151.3	95.7
	From central government	221.5	116.4	216.8	151.3	95.7
	From other	0.0	0.0	94.9	0.0	0.0
Capital expenditure		228.4	124.1	311.7	161.0	137.7
Fixed investment		173.3	123.7	291.4	165.4	127.6
Inventory changes		55.1	0.4	20.3	-4.4	10.1
Primary balance		15.2	-0.8	24.8	-5.8	-0.1
Overall balance		14.3	-1.6	24.0	-6.7	4.1
Financing		-14.3	1.6	-24.0	6.7	-4.1
Foreign		-0.3	-3.2	0.0	0.0	0.0
	Drawings	2.1	0.0	0.0	0.0	0.0
	Amortization payments	2.4	3.2	0.0	0.0	0.0
Domestic		-14.0	4.8	-24.0	6.7	-4.1
	Central bank	0.0	-4.8	0.0	-0.4	-12.9
	Rest of banking system	0.1	1.4	-0.1	0.0	0.0
	Other	-14.1	8.2	-23.9	7.1	8.8
(In percent of GDP)
Operating revenue		0.1	0.2	0.2	0.2	0.3
Operating expenditure		0.0	0.2	0.2	0.2	0.2
Net current transfer payments		0.0	0.0	0.0	0.0	0.0
Net capital revenue		1.0	0.4	0.8	0.3	0.2
Capital expenditure		1.0	0.4	0.8	0.3	0.2
Operating balance		0.1	0.0	0.1	0.0	0.1
Current account balance		0.1	0.0	0.1	0.0	0.1
Primary balance		0.1	0.0	0.1	0.0	0.0
Overall balance		0.1	0.0	0.1	0.0	0.0

Sources: Ministry of Finance; SANAA; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 23.

Honduras: Operations of the National Ports Enterprise, ENP

Sources: Ministry of Finance; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 23.

Honduras: Operations of the National Ports Enterprise, ENP

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		165.8	247.3	291.9	394.9	479.7
Sales of goods and services ^1/		145.2	235.5	291.8	360.7	459.1
Interest earnings		0.0	0.0	0.0	17.0	31.9
Other		16.0	14.1	14.7	18.1	6.7
Change in accounts receivable (increase -)		4.6	-2.3	-14.6	-0.9	-18.0
Operating expenditure		88.3	81.8	114.9	168.9	196.3
Wages and salaries		44.2	56.3	56.2	68.0	77.7
Severance payments ^2/		0.0	0.0	7.9	5.7	10.0
Goods and services		18.7	23.9	26.4	33.2	42.3
Interest		5.9	10.6	30.0	27.0	28.7
	External	4.0	10.2	29.2	18.8	28.0
	Domestic	1.9	0.4	0.8	8.2	0.7
Other		0.0	0.3	7.6	7.1	0.0
Change in accounts payable (increase -)		19.5	-9.3	-13.2	27.9	37.6
Operating balance		77.5	165.5	177.0	226.0	283.4
Net transfer payments		32.6	35.6	35.5	42.8	105.6
Taxes and transfer payments		32.6	35.6	35.5	42.8	105.6
	To central government	27.0	25.6	23.0	25.7	80.7
	To rest of general government	0.7	8.7	11.3	13.4	17.1
	To private sector	4.8	0.8	0.5	2.4	6.4
	To abroad	0.1	0.5	0.7	1.3	1.4
Current account balance		44.9	129.9	141.5	183.2	177.8
Net capital revenue		-3.4	50.7	0.0	12.3	0.0
Capital revenue		2.2	50.7	0.0	12.3	0.0
Capital transfers payments		5.6	0.0	0.0	0.0	0.0
	To rest of general government	5.6	0.0	0.0	0.0	0.0
Capital expenditure		135.2	119.5	123.4	51.1	47.8
Fixed investment		132.1	114.4	122.5	43.8	44.5
Inventory changes		2.9	2.4	0.6	7.3	1.7
Other		0.2	2.7	0.1	0.0	0.0
Net lending		0.0	0.0	0.2	0.0	1.6
Primary balance		-87.8	71.7	48.1	154.4	126.8
Overall balance		-93.7	61.1	18.1	144.4	130.0
Financing		93.7	-61.1	-18.1	-144.4	-130.0
Foreign		51.6	39.0	55.1	-115.7	-32.9
	Drawings	63.3	61.8	67.0	0.0	0.0
	Amortization	11.7	22.8	11.9	115.7	32.9
Domestic		42.1	-100.1	-73.2	-28.7	-97.1
	Central bank	-7.8	-17.1	-73.9	-7.2	0.7
	Rest of banking system	-27.9	1.0	-71.3	3.3	-20.6
	Investment in securities	-19.8	1.0	-2.2	-33.6	-90.1
	Other	97.6	-85.0	74.2	8.8	12.9
(In percent of GDP)
Operating revenue		0.7	0.9	0.8	0.8	0.8
Operating expenditure		0.4	0.3	0.3	0.4	0.3
Net transfer payments		0.1	0.1	0.1	0.1	0.2
Net capital revenue		0.0	0.2	0.0	0.0	0.0
Capital expenditure		0.6	0.4	0.3	0.1	0.1
Operating balance		0.3	0.6	0.5	0.5	0.5
Current account balance		0.2	0.5	0.4	0.4	0.3
Primary balance		-0.4	0.2	0.1	0.3	0.2
Overall balance		-0.4	0.2	0.0	0.3	0.2
External financing		0.2	0.1	0.1	-0.2	-0.1
Domestic financing		0.2	-0.3	-0.2	-0.1	-0.2

Sources: Ministry of Finance; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 23.

Honduras: Operations of the National Ports Enterprise, ENP

						Prel.
		1993	1994	1995	1996	1997
(In millions of lempiras)
Operating revenue		165.8	247.3	291.9	394.9	479.7
Sales of goods and services ^1/		145.2	235.5	291.8	360.7	459.1
Interest earnings		0.0	0.0	0.0	17.0	31.9
Other		16.0	14.1	14.7	18.1	6.7
Change in accounts receivable (increase -)		4.6	-2.3	-14.6	-0.9	-18.0
Operating expenditure		88.3	81.8	114.9	168.9	196.3
Wages and salaries		44.2	56.3	56.2	68.0	77.7
Severance payments ^2/		0.0	0.0	7.9	5.7	10.0
Goods and services		18.7	23.9	26.4	33.2	42.3
Interest		5.9	10.6	30.0	27.0	28.7
	External	4.0	10.2	29.2	18.8	28.0
	Domestic	1.9	0.4	0.8	8.2	0.7
Other		0.0	0.3	7.6	7.1	0.0
Change in accounts payable (increase -)		19.5	-9.3	-13.2	27.9	37.6
Operating balance		77.5	165.5	177.0	226.0	283.4
Net transfer payments		32.6	35.6	35.5	42.8	105.6
Taxes and transfer payments		32.6	35.6	35.5	42.8	105.6
	To central government	27.0	25.6	23.0	25.7	80.7
	To rest of general government	0.7	8.7	11.3	13.4	17.1
	To private sector	4.8	0.8	0.5	2.4	6.4
	To abroad	0.1	0.5	0.7	1.3	1.4
Current account balance		44.9	129.9	141.5	183.2	177.8
Net capital revenue		-3.4	50.7	0.0	12.3	0.0
Capital revenue		2.2	50.7	0.0	12.3	0.0
Capital transfers payments		5.6	0.0	0.0	0.0	0.0
	To rest of general government	5.6	0.0	0.0	0.0	0.0
Capital expenditure		135.2	119.5	123.4	51.1	47.8
Fixed investment		132.1	114.4	122.5	43.8	44.5
Inventory changes		2.9	2.4	0.6	7.3	1.7
Other		0.2	2.7	0.1	0.0	0.0
Net lending		0.0	0.0	0.2	0.0	1.6
Primary balance		-87.8	71.7	48.1	154.4	126.8
Overall balance		-93.7	61.1	18.1	144.4	130.0
Financing		93.7	-61.1	-18.1	-144.4	-130.0
Foreign		51.6	39.0	55.1	-115.7	-32.9
	Drawings	63.3	61.8	67.0	0.0	0.0
	Amortization	11.7	22.8	11.9	115.7	32.9
Domestic		42.1	-100.1	-73.2	-28.7	-97.1
	Central bank	-7.8	-17.1	-73.9	-7.2	0.7
	Rest of banking system	-27.9	1.0	-71.3	3.3	-20.6
	Investment in securities	-19.8	1.0	-2.2	-33.6	-90.1
	Other	97.6	-85.0	74.2	8.8	12.9
(In percent of GDP)
Operating revenue		0.7	0.9	0.8	0.8	0.8
Operating expenditure		0.4	0.3	0.3	0.4	0.3
Net transfer payments		0.1	0.1	0.1	0.1	0.2
Net capital revenue		0.0	0.2	0.0	0.0	0.0
Capital expenditure		0.6	0.4	0.3	0.1	0.1
Operating balance		0.3	0.6	0.5	0.5	0.5
Current account balance		0.2	0.5	0.4	0.4	0.3
Primary balance		-0.4	0.2	0.1	0.3	0.2
Overall balance		-0.4	0.2	0.0	0.3	0.2
External financing		0.2	0.1	0.1	-0.2	-0.1
Domestic financing		0.2	-0.3	-0.2	-0.1	-0.2

Sources: Ministry of Finance; Central Bank; and Fund staff estimates.

^{^1/}On accrual basis; cash amounts obtained by deducting changes in accounts receivable.

^{^2/}Includes employers contributions to the social security system.

Table 24.

Honduras: Detailed Accounts of the Financial System

(In millions of lempiras)

Source: Central Bank of Honduras.

^{^1/}Includes valuation adjustment.

^{^2/}Housing Fund.

^{^3/}Open market operations.

Table 24.

Honduras: Detailed Accounts of the Financial System

(In millions of lempiras)

				L 10.14 = US$1			L 13.0 = US$1
				1993	1994	1995	1995	1996	1997
I. Central Bank
Net international reserves				-284.8	-27.0	1,170.4	1,471.0	2,743.1	6,388.9
Foreign assets				1,359.8	2,123.5	3,058.5	3,844.2	3,677.9	7,680.2
Net IMF position				-1,266.3	-1,099.9	-1,079.7	-1,357.0	-759.2	-601.7
Other short-term foreign liabilities				-378.3	-1,050.6	-808.4	-1,016.2	-175.6	-689.6
Domestic assets				5,647.6	6,937.1	6,439.2	6,938.8	6,351.8	1,930.8
Credit to public sector				413.9	336.6	-316.9	-459.2	-693.4	-1,610.5
	Central government			481.6	424.2	-68.0	-167.5	-431.5	-1,002.0
		Credit		1,974.2	1,478.4	1,250.8	1,250.8	1,138.2	1,411.3
		Deposits		-1,492.6	-1,054.2	-1,318.8	-1,418.3	-1,569.7	-2,413.3
	Rest of the public sector			-67.7	-87.6	-248.9	-291.7	-261.9	-608.5
		Credit		164.3	137.0	140.0	140.0	173.0	99.2
		Deposits		-232.0	-224.6	-388.9	-431.7	-434.9	-707.7
Government trust fund				-104.8	-130.9	-174.3	-174.3	-200.6	0.0
FHIS				-29.8	-23.7	-8.7	-8.7	-22.0	-7.5
Official capital				-925.9	-1,160.6	-1,468.5	-1,468.5	-1,577.1	-1,286.4
Credit to the private sector				59.2	58.1	63.7	63.7	57.7	5.0
Arrears deposits				-20.0	0.0	0.0	0.0	0.0	0.0
Credit to banks, net				1,017.4	894.7	429.8	429.8	-137.3	-3,820.8
	Claims on banks			1,214.6	1,250.0	1,187.4	1,187.4	1,274.7	288.5
		Development banks		352.6	342.8	331.3	331.3	311.9	151.1
		Commercial banks		664.6	678.2	615.7	615.7	720.4	135.7
		Specialized saving institutions		197.4	229.0	240.4	240.4	242.4	1.7
	Liabilities to banks			-197.2	-355.3	-757.6	-757.6	-1,412.0	-4,109.3
Net unclassified assets				5,498.1	7,243.0	8,224.2	8,945.8	9,280.1	8,991.7
	Exchange losses			5,818.3	6,061.7	6,006.9	6,006.9	7,220.7	5,923.8
	Other ^1/			-320.2	1,181.3	2,217.3	2,938.9	2,059.4	3,067.9
Allocation of SDRs				-280.5	-280.1	-310.1	-389.8	-355.6	-340.7
Medium- and long-term foreign liabilities				3,671.5	4,498.4	4,825.4	5,625.6	5,540.2	3,672.7
Private sector deposits				48.6	98.6	274.2	274.2	377.0	568.0
Money				28.7	74.3	191.4	191.4	142.6	264.2
	Sight deposits			20.0	43.7	19.8	19.8	18.4	22.5
	Time and savings deposits			8.7	30.6	171.6	171.6	124.2	241.7
Bonds				19.9	24.3	32.2	32.2	37.3	0.0
CAMs				0.0	0.0	50.6	50.6	197.1	303.8
Currency issue				1,642.7	2,313.1	2,510.0	2,510.0	3,177.7	4,079.0
Cash in vault				217.6	347.2	432.3	432.3	582.8	804.1
Currency in circulation				1,425.1	1,965.9	2,077.7	2,077.7	2,594.9	3,274.9
II. Commercial Banks
Net international reserves				661.9	571.8	803.2	1,009.5	1,312.1	2,185.4
Foreign assets				777.7	853.2	1,262.3	1,586.5	2,079.0	3,470.3
Short-term foreign liabilities				-115.8	-281.4	-459.1	-577.0	-766.9	-1,284.9
Claims on central bank				451.8	694.5	1,145.4	1,145.4	1,993.5	4,459.4
Cash in vaults				195.1	318.3	398.9	398.9	547.4	763.9
Deposits				227.7	349.3	558.6	558.6	578.0	1,378.7
FOVI bonds ^2/				29.0	26.9	27.8	27.8	27.0	0.0
CAMs ^3/				0.0	0.0	160.1	160.1	841.1	2,316.8
Domestic assets				6,608.3	8,938.1	10,601.5	10,997.3	15,047.7	19,144.5
Credit to public sector (net)				464.3	798.6	651.1	641.0	193.5	-728.6
	Central government			937.1	1,253.4	1,155.9	1,155.9	816.3	275.0
		Credit		937.8	1,260.1	1,177.6	1,177.6	840.6	275.0
		Deposits		-0.7	-6.7	-21.7	-21.7	-24.3	0.0
	Rest of public sector			-472.8	-454.8	-504.8	-514.9	-622.8	-1,003.6
		Credit		2.4	1.2	9.9	9.9	15.2	53:8
		Deposits		-475.2	-456.0	-514.7	-524.8	-638.0	-1,057.4
	Credit to rest of banking system			0.0	0.0	0.0	0.0	0.0	0.0
	Credit to nonbank private financial intermediaries			0.0	0.0	0.0	0.0	0.0	0.0
	FHIS			-12.8	-44.3	-13.1	-13.1	-23.4	-12.8
Credit to the private sector				5,008.5	6,363.9	7,711.4	7,711.4	10,957.8	16,744.2
Unclassified assets ^1/				1,148.3	1,819.9	2,252.1	2,658.0	3,919.8	3,141.7
Medium- and long-term foreign liabilities				71.4	312.5	539.8	678.5	1,116.6	2,006.1
Liabilities to central bank				692.7	691.1	619.3	619.3	760.4	155.6
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				6,957.9	9,200.8	11,391.0	11,854.4	16,4763	23,627.6
Liquid liabilities				5,723.5	7,540.2	9,171.3	9,634.7	13,643.8	19,742.1
	Sight deposits			1,804.9	2,472.3	3,077.8	3,077.8	4,427.0	5,606.1
	Quasi-money			3,535.3	4,378.7	5,695.0	6,154.6	8,769.9	13,608.3
		Domestic currency		2,902.8	3,183.7	3,850.1	3,850.1	4,741.1	8,389.0
			Time and savings deposits	2,724.1	3,033.5	3,675.9	3,675.9	4,594.9	8,237.9
			Specialized savings	103.0	91.4	102.5	102.5	98.7	111.8
			Other deposits	75.7	58.8	71.7	71.7	47.5	39.3
		Deposits in foreign currency		632.5	1,195.0	1,844.9	2,304.5	4,028.8	5,219.3
	Bonds			16.1	13.9	29.4	29.4	33.0	60.8
	Other obligations			367.2	675.3	369.1	372.9	413.9	466.9
Capital and surplus				1,234.4	1,660.6	2,219.7	2,219.7	2,832.5	3,885.5
III. Consolidated Development Banks
Net international reserves				2.2	0.7	1.5	1.9	1.7	1.6
Foreign assets				2.2	0.7	2.2	2.8	2.6	4.1
Short-term foreign liabilities				0.0	0.0	-0.7	-0.9	-0.9	-2.5
Claims on central bank				26.3	61.6	35.5	35.5	34.9	207.8
Cash in vaults				10.8	13.5	14.5	14.5	13.9	20.8
Deposits				15.5	48.1	19.5	19.5	17.9	168.4
CAMs				0.0	0.0	1.5	1.5	3.1	18.6
Domestic assets				581.6	635.3	628.6	664.3	687.4	445.5
Credit to public sector (net)				28.5	9.3	15.5	15.5	32.3	-152.0
	Central government			-20.7	-29.8	-34.1	-34.1	-10.9	-231.5
		Credit		7.2	6.9	7.7	7.7	35.4	219.7
		Deposits		-27.9	-36.7	-41.8	-41.8	-46.3	-451.2
	Rest of public sector			49.2	39.1	49.6	49.6	43.2	79.5
		Credit		107.1	104.7	111.9	111.9	114.2	173.1
		Deposits		-57.9	-65.6	-62.3	-62.3	-71.0	-93.6
Government trust fond				-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
Official capital and surplus				-186.1	-263.1	-265.4	-265.4	-272.7	-1,514.7
Credit to nonbank private financial intermediaries				0.0	0.0	0.0	0.0	0.0	0.0
Credit to the private sector				143.1	163.1	192.2	192.2	237.6	330.2
FHIS				0.0	0.0	0.0.	0.0	0.0	0.0
Unclassified assets ^1/				597.1	727.0	687.3	723.0	691.2	1,783.0
Medium- and long-term foreign liabilities				95.6	126.4	140.3	176.3	165.0	160.0
Liabilities to central bank				371.4	407.2	330.1	330.1	321.4	164.7
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				143.1	164.0	195.2	195.3	237.6	330.2
Sight deposits				13.9	15.5	13.9	13.9	17.0	31.6
Quasi-money				76.2	77.5	89.4	89.5	99.3	117.4
	Domestic currency			74.9	77.1	89.0	89.0	97.5	115.0
		Time and savings deposits		73.3	75.1	85.3	85.3	91.9	106.2
		Other deposits in local currency		1.6	2.0	3.7	3.7	5.6	8.8
	Deposits in foreign exchange			1.3	0.4	0.4	0.5	1.8	2.4
Bonds				0.5	1.0	1.0	1.0	0.3	17.4
Other obligations				52.5	70.0	90.9	90.9	121.0	163.8
IV. Specialized Savings Institutions
Net international reserves				83.6	94.7	76.0	95.5	156.7	88.3
Foreign assets				83.6	101.2	93.4	117.4	156.8	88.3
Short-term foreign liabilities				0.0	-6.5	-17.4	-21.9	-0.1	0.0
Claims on central bank				68.6	97.9	109.2	109.2	106.3	227.3
Cash in vaults				11.7	15.4	18.9	18.9	21.5	19.4
Deposits				37.4	62.0	69.7	69.7	55.2	105.3
FOVI bonds				19.5	20.5	20.6	20.6	20.1	0.0
CAMs				0.0	0.0	0.0	0.0	9.5	102.6
Domestic assets				849.5	971.8	1,434.1	1,444.0	1,506.6	1,250.7
Credit to public sector (net)				-141.3	-208.5	-90.4	-90.4	-17.8	-104.8
	Central government			25.9	55.6	78.7	78.7	81.8	1.3
		Credit		27.9	60.7	85.7	85.7	81.8	1.3
		Deposits		-2.0	-5.1	-7.0	-7.0	0.0	0.0
	Rest of public sector			-167.2	-264.1	-169.1	-169.1	-99.6	-106.1
		Credit		2.5	2.5	3.6	3.6	0.0	0.0
		Deposits		-169.7	-266.6	-172.7	-172.7	-99.6	-106.1
Credit to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Credit to the private sector				858.9	1,033.8	1,332.5	1,332.5	1,305.7	1,439.1
FHIS				-2.0	-5.1	-7.0	-7.0	0.0	0.0
Unclassified assets ^1/				133.9	151.6	199.0	208.9	218.7	-83.6
Liabilities to central bank				207.9	239.9	255.4	255.4	262.3	12.3
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				793.8	924.5	1,363.9	1,393.3	1,507.3	1,554.0
Liquid liabilities				678.6	781.1	1,180.8	1,210.2	1,282.9	1,358.3
	Quasi-money			587.6	654.1	827.1	856.5	945.1	1,001.8
		Deposits in domestic currency		526.3	552.4	712.5	712.5	766.9	908.0
			Time and savings deposits	526.3	552.4	712.5	712.5	766.9	908.0
		Deposits in foreign currency		61.3	101.7	114.6	144.0	178.2	93.8
	Other obligations			91.0	127.0	353.7	353.7	337.8	356.5
Capital and surplus				115.2	143.4	183.1	183.1	224.4	195.7
V. Honduras: Consolidated Banking System
Net international reserves				462.9	640.2	2,051.1	2,577.9	4,213.6	8,664.2
Foreign assets				2,223.3	3,078.6	4,416.4	5,550.9	5,916.3	11,242.9
Net IMF position				-1,266.3	-1,099.9	-1,079.7	-1,357.0	-759.2	-601.7
Short-term foreign liabilities				-494.1	-1,338.5	-1,285.6	-1,616.0	-943.5	-1,977.0
Net domestic assets				12,744.1	16,650.9	18,756.4	19,697.4	23,8013	26,5293
Credit to public sector				765.4	936.0	259.3	106.9	-485.4	-2,595.9
	Central government			1,423.9	1,703.4	1,132.5	1,033.0	455.7	-957.2
		Credit		2,947.1	2,806.1	2,521.8	2,521.8	2,096.0	1,907.3
		Deposits		-1,523.2	-1,102.7	-1,389.3	-1,488.8	-1,640.3	-2,864.5
	Rest of public sector			-658.5	-767.4	-873.2	-926.1	-941.1	-1,638.7
		Credit		276.3	245.4	265.4	265.4	302.4	326.1
		Deposits		-934.8	-1,012.8	-1,138.6	-1,191.5	-1,243.5	-1,964.8
Government trust fund				-105.8	-131.9	-175.3	-175.3	-201.6	-1.0
Credit to nonbank private financial intermediaries				0.0	0.0	0.0	0.0	0.0	0.0
Credit to private sector				6,069.7	7,618.9	9,299.8	9,299.8	12,558.8	18,518.5
Arrears deposits				-20.0	0.0	0.0	0.0	0.0	0.0
Official capital				-1,112.0	-1,423.7	-1,733.9	-1,733.9	-1,849.8	-2,801.1
FHIS				-44.6	-73.1	-28.8	-28.8	-45.4	-20.3
Unclassified assets ^1/				7,377.4	9,941.5	11,362.6	12,535.7	14,109.8	13,832.8
Allocation of SDRs				-280.5	-280.1	-310.1	-389.8	-355.6	-340.7
Interbank float				74.5	63.3	82.8	82.8	70.5	-63.0
Medium- and long-term foreign liabilities				3,838.5	4,937.3	5,505.5	6,480.4	6,821.8	5,838.8
Central bank				3,671.5	4,498.4	4,825.4	5,625.6	5,540.2	3,672.7
Rest of banking system				167.0	438.9	680.1	854.8	1,281.6	2,166.1
Liabilities to the private sector				9,368.5	12,353.8	15,302.0	15,794.9	21,193.1	29,354.7
Liquid liabilities				8,018.9	10,549.8	12,899.2	13,392.1	18,136.2	25,273.5
	Money			3,263.9	4,497.4	5,189.2	5,189.2	7,057.3	8,935.1
		Currency in circulation		1,425.1	1,965.9	2,077.7	2,077.7	2,594.9	3,274.9
		Sight deposits		1,838.8	2,531.5	3,111.5	3,111.5	4,462.4	5,660.2
	Quasi-money			4,207.8	5,140.9	6,783.1	7,272.2	9,938.5	14,969.2
		Domestic currency		3,512.7	3,843.8	4,823.2	4,823.2	5,729.7	9,653.7
			Time and savings deposits	3,332.4	3,691.6	4,645.3	4,645.3	5,577.9	9,493.8
			Specialized savings	103.0	91.4	102.5	102.5	98.7	111.8
			Other deposits in local currency	77.3	60.8	75.4	75.4	53.1	48.1
	Deposits in foreign exchange			695.1	1,297.1	1,959.9	2,449.0	4,208.8	5,315.5
	Bonds			36.5	39.2	62.6	62.6	70.6	78.2
	Other obligations			510.7	872.3	813.7	817.5	872.7	987.2
	CAMs			0.0	0.0	50.6	50.6	197.1	303.8
Capital and surplus				1,349.6	1,804.0	2,402.8	2,402.8	3,056.9	4,081.2

Source: Central Bank of Honduras.

^{^1/}Includes valuation adjustment.

^{^2/}Housing Fund.

^{^3/}Open market operations.

Table 24.

Honduras: Detailed Accounts of the Financial System

(In millions of lempiras)

				L 10.14 = US$1			L 13.0 = US$1
				1993	1994	1995	1995	1996	1997
I. Central Bank
Net international reserves				-284.8	-27.0	1,170.4	1,471.0	2,743.1	6,388.9
Foreign assets				1,359.8	2,123.5	3,058.5	3,844.2	3,677.9	7,680.2
Net IMF position				-1,266.3	-1,099.9	-1,079.7	-1,357.0	-759.2	-601.7
Other short-term foreign liabilities				-378.3	-1,050.6	-808.4	-1,016.2	-175.6	-689.6
Domestic assets				5,647.6	6,937.1	6,439.2	6,938.8	6,351.8	1,930.8
Credit to public sector				413.9	336.6	-316.9	-459.2	-693.4	-1,610.5
	Central government			481.6	424.2	-68.0	-167.5	-431.5	-1,002.0
		Credit		1,974.2	1,478.4	1,250.8	1,250.8	1,138.2	1,411.3
		Deposits		-1,492.6	-1,054.2	-1,318.8	-1,418.3	-1,569.7	-2,413.3
	Rest of the public sector			-67.7	-87.6	-248.9	-291.7	-261.9	-608.5
		Credit		164.3	137.0	140.0	140.0	173.0	99.2
		Deposits		-232.0	-224.6	-388.9	-431.7	-434.9	-707.7
Government trust fund				-104.8	-130.9	-174.3	-174.3	-200.6	0.0
FHIS				-29.8	-23.7	-8.7	-8.7	-22.0	-7.5
Official capital				-925.9	-1,160.6	-1,468.5	-1,468.5	-1,577.1	-1,286.4
Credit to the private sector				59.2	58.1	63.7	63.7	57.7	5.0
Arrears deposits				-20.0	0.0	0.0	0.0	0.0	0.0
Credit to banks, net				1,017.4	894.7	429.8	429.8	-137.3	-3,820.8
	Claims on banks			1,214.6	1,250.0	1,187.4	1,187.4	1,274.7	288.5
		Development banks		352.6	342.8	331.3	331.3	311.9	151.1
		Commercial banks		664.6	678.2	615.7	615.7	720.4	135.7
		Specialized saving institutions		197.4	229.0	240.4	240.4	242.4	1.7
	Liabilities to banks			-197.2	-355.3	-757.6	-757.6	-1,412.0	-4,109.3
Net unclassified assets				5,498.1	7,243.0	8,224.2	8,945.8	9,280.1	8,991.7
	Exchange losses			5,818.3	6,061.7	6,006.9	6,006.9	7,220.7	5,923.8
	Other ^1/			-320.2	1,181.3	2,217.3	2,938.9	2,059.4	3,067.9
Allocation of SDRs				-280.5	-280.1	-310.1	-389.8	-355.6	-340.7
Medium- and long-term foreign liabilities				3,671.5	4,498.4	4,825.4	5,625.6	5,540.2	3,672.7
Private sector deposits				48.6	98.6	274.2	274.2	377.0	568.0
Money				28.7	74.3	191.4	191.4	142.6	264.2
	Sight deposits			20.0	43.7	19.8	19.8	18.4	22.5
	Time and savings deposits			8.7	30.6	171.6	171.6	124.2	241.7
Bonds				19.9	24.3	32.2	32.2	37.3	0.0
CAMs				0.0	0.0	50.6	50.6	197.1	303.8
Currency issue				1,642.7	2,313.1	2,510.0	2,510.0	3,177.7	4,079.0
Cash in vault				217.6	347.2	432.3	432.3	582.8	804.1
Currency in circulation				1,425.1	1,965.9	2,077.7	2,077.7	2,594.9	3,274.9
II. Commercial Banks
Net international reserves				661.9	571.8	803.2	1,009.5	1,312.1	2,185.4
Foreign assets				777.7	853.2	1,262.3	1,586.5	2,079.0	3,470.3
Short-term foreign liabilities				-115.8	-281.4	-459.1	-577.0	-766.9	-1,284.9
Claims on central bank				451.8	694.5	1,145.4	1,145.4	1,993.5	4,459.4
Cash in vaults				195.1	318.3	398.9	398.9	547.4	763.9
Deposits				227.7	349.3	558.6	558.6	578.0	1,378.7
FOVI bonds ^2/				29.0	26.9	27.8	27.8	27.0	0.0
CAMs ^3/				0.0	0.0	160.1	160.1	841.1	2,316.8
Domestic assets				6,608.3	8,938.1	10,601.5	10,997.3	15,047.7	19,144.5
Credit to public sector (net)				464.3	798.6	651.1	641.0	193.5	-728.6
	Central government			937.1	1,253.4	1,155.9	1,155.9	816.3	275.0
		Credit		937.8	1,260.1	1,177.6	1,177.6	840.6	275.0
		Deposits		-0.7	-6.7	-21.7	-21.7	-24.3	0.0
	Rest of public sector			-472.8	-454.8	-504.8	-514.9	-622.8	-1,003.6
		Credit		2.4	1.2	9.9	9.9	15.2	53:8
		Deposits		-475.2	-456.0	-514.7	-524.8	-638.0	-1,057.4
	Credit to rest of banking system			0.0	0.0	0.0	0.0	0.0	0.0
	Credit to nonbank private financial intermediaries			0.0	0.0	0.0	0.0	0.0	0.0
	FHIS			-12.8	-44.3	-13.1	-13.1	-23.4	-12.8
Credit to the private sector				5,008.5	6,363.9	7,711.4	7,711.4	10,957.8	16,744.2
Unclassified assets ^1/				1,148.3	1,819.9	2,252.1	2,658.0	3,919.8	3,141.7
Medium- and long-term foreign liabilities				71.4	312.5	539.8	678.5	1,116.6	2,006.1
Liabilities to central bank				692.7	691.1	619.3	619.3	760.4	155.6
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				6,957.9	9,200.8	11,391.0	11,854.4	16,4763	23,627.6
Liquid liabilities				5,723.5	7,540.2	9,171.3	9,634.7	13,643.8	19,742.1
	Sight deposits			1,804.9	2,472.3	3,077.8	3,077.8	4,427.0	5,606.1
	Quasi-money			3,535.3	4,378.7	5,695.0	6,154.6	8,769.9	13,608.3
		Domestic currency		2,902.8	3,183.7	3,850.1	3,850.1	4,741.1	8,389.0
			Time and savings deposits	2,724.1	3,033.5	3,675.9	3,675.9	4,594.9	8,237.9
			Specialized savings	103.0	91.4	102.5	102.5	98.7	111.8
			Other deposits	75.7	58.8	71.7	71.7	47.5	39.3
		Deposits in foreign currency		632.5	1,195.0	1,844.9	2,304.5	4,028.8	5,219.3
	Bonds			16.1	13.9	29.4	29.4	33.0	60.8
	Other obligations			367.2	675.3	369.1	372.9	413.9	466.9
Capital and surplus				1,234.4	1,660.6	2,219.7	2,219.7	2,832.5	3,885.5
III. Consolidated Development Banks
Net international reserves				2.2	0.7	1.5	1.9	1.7	1.6
Foreign assets				2.2	0.7	2.2	2.8	2.6	4.1
Short-term foreign liabilities				0.0	0.0	-0.7	-0.9	-0.9	-2.5
Claims on central bank				26.3	61.6	35.5	35.5	34.9	207.8
Cash in vaults				10.8	13.5	14.5	14.5	13.9	20.8
Deposits				15.5	48.1	19.5	19.5	17.9	168.4
CAMs				0.0	0.0	1.5	1.5	3.1	18.6
Domestic assets				581.6	635.3	628.6	664.3	687.4	445.5
Credit to public sector (net)				28.5	9.3	15.5	15.5	32.3	-152.0
	Central government			-20.7	-29.8	-34.1	-34.1	-10.9	-231.5
		Credit		7.2	6.9	7.7	7.7	35.4	219.7
		Deposits		-27.9	-36.7	-41.8	-41.8	-46.3	-451.2
	Rest of public sector			49.2	39.1	49.6	49.6	43.2	79.5
		Credit		107.1	104.7	111.9	111.9	114.2	173.1
		Deposits		-57.9	-65.6	-62.3	-62.3	-71.0	-93.6
Government trust fond				-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
Official capital and surplus				-186.1	-263.1	-265.4	-265.4	-272.7	-1,514.7
Credit to nonbank private financial intermediaries				0.0	0.0	0.0	0.0	0.0	0.0
Credit to the private sector				143.1	163.1	192.2	192.2	237.6	330.2
FHIS				0.0	0.0	0.0.	0.0	0.0	0.0
Unclassified assets ^1/				597.1	727.0	687.3	723.0	691.2	1,783.0
Medium- and long-term foreign liabilities				95.6	126.4	140.3	176.3	165.0	160.0
Liabilities to central bank				371.4	407.2	330.1	330.1	321.4	164.7
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				143.1	164.0	195.2	195.3	237.6	330.2
Sight deposits				13.9	15.5	13.9	13.9	17.0	31.6
Quasi-money				76.2	77.5	89.4	89.5	99.3	117.4
	Domestic currency			74.9	77.1	89.0	89.0	97.5	115.0
		Time and savings deposits		73.3	75.1	85.3	85.3	91.9	106.2
		Other deposits in local currency		1.6	2.0	3.7	3.7	5.6	8.8
	Deposits in foreign exchange			1.3	0.4	0.4	0.5	1.8	2.4
Bonds				0.5	1.0	1.0	1.0	0.3	17.4
Other obligations				52.5	70.0	90.9	90.9	121.0	163.8
IV. Specialized Savings Institutions
Net international reserves				83.6	94.7	76.0	95.5	156.7	88.3
Foreign assets				83.6	101.2	93.4	117.4	156.8	88.3
Short-term foreign liabilities				0.0	-6.5	-17.4	-21.9	-0.1	0.0
Claims on central bank				68.6	97.9	109.2	109.2	106.3	227.3
Cash in vaults				11.7	15.4	18.9	18.9	21.5	19.4
Deposits				37.4	62.0	69.7	69.7	55.2	105.3
FOVI bonds				19.5	20.5	20.6	20.6	20.1	0.0
CAMs				0.0	0.0	0.0	0.0	9.5	102.6
Domestic assets				849.5	971.8	1,434.1	1,444.0	1,506.6	1,250.7
Credit to public sector (net)				-141.3	-208.5	-90.4	-90.4	-17.8	-104.8
	Central government			25.9	55.6	78.7	78.7	81.8	1.3
		Credit		27.9	60.7	85.7	85.7	81.8	1.3
		Deposits		-2.0	-5.1	-7.0	-7.0	0.0	0.0
	Rest of public sector			-167.2	-264.1	-169.1	-169.1	-99.6	-106.1
		Credit		2.5	2.5	3.6	3.6	0.0	0.0
		Deposits		-169.7	-266.6	-172.7	-172.7	-99.6	-106.1
Credit to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Credit to the private sector				858.9	1,033.8	1,332.5	1,332.5	1,305.7	1,439.1
FHIS				-2.0	-5.1	-7.0	-7.0	0.0	0.0
Unclassified assets ^1/				133.9	151.6	199.0	208.9	218.7	-83.6
Liabilities to central bank				207.9	239.9	255.4	255.4	262.3	12.3
Liabilities to rest of banking system				0.0	0.0	0.0	0.0	0.0	0.0
Liabilities to the private sector				793.8	924.5	1,363.9	1,393.3	1,507.3	1,554.0
Liquid liabilities				678.6	781.1	1,180.8	1,210.2	1,282.9	1,358.3
	Quasi-money			587.6	654.1	827.1	856.5	945.1	1,001.8
		Deposits in domestic currency		526.3	552.4	712.5	712.5	766.9	908.0
			Time and savings deposits	526.3	552.4	712.5	712.5	766.9	908.0
		Deposits in foreign currency		61.3	101.7	114.6	144.0	178.2	93.8
	Other obligations			91.0	127.0	353.7	353.7	337.8	356.5
Capital and surplus				115.2	143.4	183.1	183.1	224.4	195.7
V. Honduras: Consolidated Banking System
Net international reserves				462.9	640.2	2,051.1	2,577.9	4,213.6	8,664.2
Foreign assets				2,223.3	3,078.6	4,416.4	5,550.9	5,916.3	11,242.9
Net IMF position				-1,266.3	-1,099.9	-1,079.7	-1,357.0	-759.2	-601.7
Short-term foreign liabilities				-494.1	-1,338.5	-1,285.6	-1,616.0	-943.5	-1,977.0
Net domestic assets				12,744.1	16,650.9	18,756.4	19,697.4	23,8013	26,5293
Credit to public sector				765.4	936.0	259.3	106.9	-485.4	-2,595.9
	Central government			1,423.9	1,703.4	1,132.5	1,033.0	455.7	-957.2
		Credit		2,947.1	2,806.1	2,521.8	2,521.8	2,096.0	1,907.3
		Deposits		-1,523.2	-1,102.7	-1,389.3	-1,488.8	-1,640.3	-2,864.5
	Rest of public sector			-658.5	-767.4	-873.2	-926.1	-941.1	-1,638.7
		Credit		276.3	245.4	265.4	265.4	302.4	326.1
		Deposits		-934.8	-1,012.8	-1,138.6	-1,191.5	-1,243.5	-1,964.8
Government trust fund				-105.8	-131.9	-175.3	-175.3	-201.6	-1.0
Credit to nonbank private financial intermediaries				0.0	0.0	0.0	0.0	0.0	0.0
Credit to private sector				6,069.7	7,618.9	9,299.8	9,299.8	12,558.8	18,518.5
Arrears deposits				-20.0	0.0	0.0	0.0	0.0	0.0
Official capital				-1,112.0	-1,423.7	-1,733.9	-1,733.9	-1,849.8	-2,801.1
FHIS				-44.6	-73.1	-28.8	-28.8	-45.4	-20.3
Unclassified assets ^1/				7,377.4	9,941.5	11,362.6	12,535.7	14,109.8	13,832.8
Allocation of SDRs				-280.5	-280.1	-310.1	-389.8	-355.6	-340.7
Interbank float				74.5	63.3	82.8	82.8	70.5	-63.0
Medium- and long-term foreign liabilities				3,838.5	4,937.3	5,505.5	6,480.4	6,821.8	5,838.8
Central bank				3,671.5	4,498.4	4,825.4	5,625.6	5,540.2	3,672.7
Rest of banking system				167.0	438.9	680.1	854.8	1,281.6	2,166.1
Liabilities to the private sector				9,368.5	12,353.8	15,302.0	15,794.9	21,193.1	29,354.7
Liquid liabilities				8,018.9	10,549.8	12,899.2	13,392.1	18,136.2	25,273.5
	Money			3,263.9	4,497.4	5,189.2	5,189.2	7,057.3	8,935.1
		Currency in circulation		1,425.1	1,965.9	2,077.7	2,077.7	2,594.9	3,274.9
		Sight deposits		1,838.8	2,531.5	3,111.5	3,111.5	4,462.4	5,660.2
	Quasi-money			4,207.8	5,140.9	6,783.1	7,272.2	9,938.5	14,969.2
		Domestic currency		3,512.7	3,843.8	4,823.2	4,823.2	5,729.7	9,653.7
			Time and savings deposits	3,332.4	3,691.6	4,645.3	4,645.3	5,577.9	9,493.8
			Specialized savings	103.0	91.4	102.5	102.5	98.7	111.8
			Other deposits in local currency	77.3	60.8	75.4	75.4	53.1	48.1
	Deposits in foreign exchange			695.1	1,297.1	1,959.9	2,449.0	4,208.8	5,315.5
	Bonds			36.5	39.2	62.6	62.6	70.6	78.2
	Other obligations			510.7	872.3	813.7	817.5	872.7	987.2
	CAMs			0.0	0.0	50.6	50.6	197.1	303.8
Capital and surplus				1,349.6	1,804.0	2,402.8	2,402.8	3,056.9	4,081.2

Source: Central Bank of Honduras.

^{^1/}Includes valuation adjustment.

^{^2/}Housing Fund.

^{^3/}Open market operations.

Table 25.

Honduras: Destination of Banking System Credit to the Private Sector

Source: Central Bank of Honduras.

Table 25.

Honduras: Destination of Banking System Credit to the Private Sector

							Prel.
			1993	1994	1995	1996	1997
(In millions of lempiras)
Total			5,970	7,450	9,022	12,106	14,492
Agriculture and related sectors			1,199	1,480	1,576	1,938	2,208
	Agriculture		883	1,093	1,104	1,333	1,484
		Coffee	238	282	268	406	505
		Cotton	10	9	8	11	11
		Basic grains	174	212	203	239	285
		Other	462	590	626	677	683
	Livestock		251	348	403	484	528
	Fishing		65	38	68	122	197
Mining			5	3	3	9	15
Manufacturing			1,149	1,260	1,563	2,382	2,647
Transport and communications			99	121	193	201	294
Construction and real estate			1,076	1,328	1,755	2,114	2,629
Commerce			1,664	2,124	2,786	3,923	4,762
Consumption			380	445	527	702	876
Other			399	689	620	837	1,061
(In percent of GDP)
Total			26.3	25.8	24.0	25.3	23.6
Agriculture and related sectors			5.3	5.1	4.2	4.1	3.6
Agriculture			3.9	3.8	2.9	2.8	2.4
	Coffee		1.0	1.0	0.7	0.8	0.8
	Cotton		0.0	0.0	0.0	0.0	0.0
	Basic grains		0.8	0.7	0.5	0.5	0.5
	Other		2.0	2.0	1.7	1.4	1.1
Livestock			1.1	1.2	1.1	1.0	0.9
Fishing			0.3	0.1	0.2	0.3	0.3
Manufacturing			0.0	0.0	0.0	0.0	0.0
Transport and communications			5.1	4.4	4.2	5.0	4.3
Construction and real estate			0.4	0.4	0.5	0.4	0.5
Commerce			4.7	4.6	4.7	4.4	4.3
Consumption			7.3	7.4	7.4	8.2	7.8
Other			1.7	1.5	1.4	1.5	1.4
(In percent of total)
Total			100.0	100.0	100.0	100.0	100.0
Agriculture and related sectors			20.1	19.9	17.5	16.0	15.2
Agriculture			14.8	14.7	12.2	11.0	10.2
	Coffee		4.0	3.8	3.0	3.4	3.5
	Cotton		0.2	0.1	0.1	0.1	0.1
	Basic grains		2.9	2.8	2.2	2.0	2.0
	Other		7.7	7.9	6.9	5.6	4.7
Livestock			4.2	4.7	4.5	4.0	3.6
Fishing			1.1	0.5	0.8	1.0	1.4
Mining			0.1	0.0	0.0	0.1	0.1
Manufacturing			19.2	16.9	17.3	19.7	18.3
Transport and communications			1.7	1.6	2.1	1.7	2.0
Construction and real estate			18.0	17.8	19.5	17.5	18.1
Commerce			27.9	28.5	30.9	32.4	32.9
Consumption			6.4	6.0	5.8	5.8	6.0
Other			6.7	9.2	6.9	6.9	7.3

Source: Central Bank of Honduras.

Table 25.

Honduras: Destination of Banking System Credit to the Private Sector

							Prel.
			1993	1994	1995	1996	1997
(In millions of lempiras)
Total			5,970	7,450	9,022	12,106	14,492
Agriculture and related sectors			1,199	1,480	1,576	1,938	2,208
	Agriculture		883	1,093	1,104	1,333	1,484
		Coffee	238	282	268	406	505
		Cotton	10	9	8	11	11
		Basic grains	174	212	203	239	285
		Other	462	590	626	677	683
	Livestock		251	348	403	484	528
	Fishing		65	38	68	122	197
Mining			5	3	3	9	15
Manufacturing			1,149	1,260	1,563	2,382	2,647
Transport and communications			99	121	193	201	294
Construction and real estate			1,076	1,328	1,755	2,114	2,629
Commerce			1,664	2,124	2,786	3,923	4,762
Consumption			380	445	527	702	876
Other			399	689	620	837	1,061
(In percent of GDP)
Total			26.3	25.8	24.0	25.3	23.6
Agriculture and related sectors			5.3	5.1	4.2	4.1	3.6
Agriculture			3.9	3.8	2.9	2.8	2.4
	Coffee		1.0	1.0	0.7	0.8	0.8
	Cotton		0.0	0.0	0.0	0.0	0.0
	Basic grains		0.8	0.7	0.5	0.5	0.5
	Other		2.0	2.0	1.7	1.4	1.1
Livestock			1.1	1.2	1.1	1.0	0.9
Fishing			0.3	0.1	0.2	0.3	0.3
Manufacturing			0.0	0.0	0.0	0.0	0.0
Transport and communications			5.1	4.4	4.2	5.0	4.3
Construction and real estate			0.4	0.4	0.5	0.4	0.5
Commerce			4.7	4.6	4.7	4.4	4.3
Consumption			7.3	7.4	7.4	8.2	7.8
Other			1.7	1.5	1.4	1.5	1.4
(In percent of total)
Total			100.0	100.0	100.0	100.0	100.0
Agriculture and related sectors			20.1	19.9	17.5	16.0	15.2
Agriculture			14.8	14.7	12.2	11.0	10.2
	Coffee		4.0	3.8	3.0	3.4	3.5
	Cotton		0.2	0.1	0.1	0.1	0.1
	Basic grains		2.9	2.8	2.2	2.0	2.0
	Other		7.7	7.9	6.9	5.6	4.7
Livestock			4.2	4.7	4.5	4.0	3.6
Fishing			1.1	0.5	0.8	1.0	1.4
Mining			0.1	0.0	0.0	0.1	0.1
Manufacturing			19.2	16.9	17.3	19.7	18.3
Transport and communications			1.7	1.6	2.1	1.7	2.0
Construction and real estate			18.0	17.8	19.5	17.5	18.1
Commerce			27.9	28.5	30.9	32.4	32.9
Consumption			6.4	6.0	5.8	5.8	6.0
Other			6.7	9.2	6.9	6.9	7.3

Source: Central Bank of Honduras.

Table 26.

Honduras: Legal Reserve Requirements, End of Period

Source: Central Bank of Honduras.

^{^1/}In addition, 19 percent as obligatory investment in official securities for 1997.

^{^2/}Savings certificates and certificates of deposit.

^{^3/}Long-term bonds issued to finance specific activities.

^{^4/}In addition, 38 percent in foreign deposits and investments abroad for 1997.

^{^5/}US$25,000 minimum balance.

^{^6/}Banks are authorized to hold these reserves in deposits abroad or in credits for exports.

^{^7/}In addition, 9 percent as obligatory investment in official securities for 1997.

^{^8/}In addition, 3 percent as obligatory investment in official securities for 1997.

^{^9/}For banks lending mainly to the agricultural sector.

Table 26.

Honduras: Legal Reserve Requirements, End of Period

			1993	1994	1995	1996	1997
Commercial and development banks
Local currency deposits
	Demand, saving, and time deposits ^1/		36.0	40.0	34.0	34.0	12.0
	Other deposits ^1/^2/		36.0	40.0	34.0	34.0	12.0
		Housing	10.0	10.0	15.0	15.0	15.0
		“Bonos de caja” ^3/	20.0	20.0	15.0	15.0	15.0
Foreign currency deposits
	Demand, saving, and time deposits ^4/		100.0	100.0	100.0	100.0	12.0
	Certicates of deposit ^3/^5/		100.0	100.0	100.0	100.0	12.0
	“Free availability” deposits ^4/^5/		100.0	100.0	100.0	100.0	12.0
Specialized saving institutions
Local currency deposits ^6/^7/			17.0	21.0	21.0	21.0	12.0
Foreign currency deposits ^6/^7/			100.0	100.0	100.0	100.0	12.0
Investment companies (“financieras”)
Local currency deposits ^6/^8/			0.0	0.0	0.0	0.0	12.0
Special requirements for agricultural banks
Local currency deposits ^9/			20–30	20–30	20–30	20–30	20–30

Source: Central Bank of Honduras.

^{^1/}In addition, 19 percent as obligatory investment in official securities for 1997.

^{^2/}Savings certificates and certificates of deposit.

^{^3/}Long-term bonds issued to finance specific activities.

^{^4/}In addition, 38 percent in foreign deposits and investments abroad for 1997.

^{^5/}US$25,000 minimum balance.

^{^6/}Banks are authorized to hold these reserves in deposits abroad or in credits for exports.

^{^7/}In addition, 9 percent as obligatory investment in official securities for 1997.

^{^8/}In addition, 3 percent as obligatory investment in official securities for 1997.

^{^9/}For banks lending mainly to the agricultural sector.

Table 26.

Honduras: Legal Reserve Requirements, End of Period

			1993	1994	1995	1996	1997
Commercial and development banks
Local currency deposits
	Demand, saving, and time deposits ^1/		36.0	40.0	34.0	34.0	12.0
	Other deposits ^1/^2/		36.0	40.0	34.0	34.0	12.0
		Housing	10.0	10.0	15.0	15.0	15.0
		“Bonos de caja” ^3/	20.0	20.0	15.0	15.0	15.0
Foreign currency deposits
	Demand, saving, and time deposits ^4/		100.0	100.0	100.0	100.0	12.0
	Certicates of deposit ^3/^5/		100.0	100.0	100.0	100.0	12.0
	“Free availability” deposits ^4/^5/		100.0	100.0	100.0	100.0	12.0
Specialized saving institutions
Local currency deposits ^6/^7/			17.0	21.0	21.0	21.0	12.0
Foreign currency deposits ^6/^7/			100.0	100.0	100.0	100.0	12.0
Investment companies (“financieras”)
Local currency deposits ^6/^8/			0.0	0.0	0.0	0.0	12.0
Special requirements for agricultural banks
Local currency deposits ^9/			20–30	20–30	20–30	20–30	20–30

Source: Central Bank of Honduras.

^{^1/}In addition, 19 percent as obligatory investment in official securities for 1997.

^{^2/}Savings certificates and certificates of deposit.

^{^3/}Long-term bonds issued to finance specific activities.

^{^4/}In addition, 38 percent in foreign deposits and investments abroad for 1997.

^{^5/}US$25,000 minimum balance.

^{^6/}Banks are authorized to hold these reserves in deposits abroad or in credits for exports.

^{^7/}In addition, 9 percent as obligatory investment in official securities for 1997.

^{^8/}In addition, 3 percent as obligatory investment in official securities for 1997.

^{^9/}For banks lending mainly to the agricultural sector.

Table 27.

Honduras: Distribution of Domestic Bonded Debt

(In millions of lempiras)

Source: Central Bank of Honduras.

Table 27.

Honduras: Distribution of Domestic Bonded Debt

(In millions of lempiras)

		1993	1994	1995	1996	1997
Central government bonds		3,469.0	3,587.4	3,719.6	3,875.6	3,574.1
By holder:		1,921.9	1,434.9	1,250.8	1,138.3	561.3
	Central bank	938.5	1,260.2	1,177.6	840.6	575.0
	Commercial banks	7.3	6.9	6.9	32.6	38.7
	BANADESA	27.9	60.7	85.7	81.4	1.3
	Savings and loan associations	0.0	0.0	120.8	142.7	28.9
	Nonbank financial institutions	46.2	52.6	178.8	399.4	683.8
	IHSS	248.6	481.1	445.9	606.8	458.4
	Rest of public sector	17.8	11.7	40.8	37.5	70.6
	Insurance companies	249.6	262.3	404.4	596.3	1,156.1
	Private sector	11.2	17.0	7.9	0.0	0.0
	International organizations
Local government bonds		590.5	816.5	1,044.8	1,175.7	1,472.9
By holder:		63.3	59.5	63.1	50.6	116.4
	Central bank	80.2	85.1	92.3	154.7	148.4
	Other credit institutions	29.6	25.0	31.9	22.0	19.2
	Rest of public sector	417.4	646.9	857.5	852.1	1,100.1
	Central government	0.0	0.0	0.0	96.3	88.8
Other public sector bonds
By holder:		3,735.2	4,547.8	5,441.7	7,635.0	8,139.5
	Central bank	101.0	77.5	86.9	81.5	69.6
	Commercial banks	4.1	2.7	3.6	0.0	0.0
	BANADESA	8.5	19.0	19.0	19.0	19.0
	Central government	3,620.4	4,448.6	5,295.8	7,491.5	8,023.9
	Private sector	1.2	0.0	0.0	11.7	0.0
	IHSS and INJUPEM	0.0	0.0	36.4	31.3	27.0
By debtor:		3,735.2	4,547.8	5,441.7	7,635.0	8,139.5
	ENEE	2,269.2	2,776.3	3,506.3	5,636.2	6,501.2
	SANAA	4.2	3.0	3.7	0.0	0.0
	ENP	302.7	391.2	419.6	454.1	228.6
	HONDUTEL	800.8	935.0	999.4	1,015.6	964.1
	Others	358.3	442.3	512.7	529.1	445.6

Source: Central Bank of Honduras.

Table 27.

Honduras: Distribution of Domestic Bonded Debt

(In millions of lempiras)

		1993	1994	1995	1996	1997
Central government bonds		3,469.0	3,587.4	3,719.6	3,875.6	3,574.1
By holder:		1,921.9	1,434.9	1,250.8	1,138.3	561.3
	Central bank	938.5	1,260.2	1,177.6	840.6	575.0
	Commercial banks	7.3	6.9	6.9	32.6	38.7
	BANADESA	27.9	60.7	85.7	81.4	1.3
	Savings and loan associations	0.0	0.0	120.8	142.7	28.9
	Nonbank financial institutions	46.2	52.6	178.8	399.4	683.8
	IHSS	248.6	481.1	445.9	606.8	458.4
	Rest of public sector	17.8	11.7	40.8	37.5	70.6
	Insurance companies	249.6	262.3	404.4	596.3	1,156.1
	Private sector	11.2	17.0	7.9	0.0	0.0
	International organizations
Local government bonds		590.5	816.5	1,044.8	1,175.7	1,472.9
By holder:		63.3	59.5	63.1	50.6	116.4
	Central bank	80.2	85.1	92.3	154.7	148.4
	Other credit institutions	29.6	25.0	31.9	22.0	19.2
	Rest of public sector	417.4	646.9	857.5	852.1	1,100.1
	Central government	0.0	0.0	0.0	96.3	88.8
Other public sector bonds
By holder:		3,735.2	4,547.8	5,441.7	7,635.0	8,139.5
	Central bank	101.0	77.5	86.9	81.5	69.6
	Commercial banks	4.1	2.7	3.6	0.0	0.0
	BANADESA	8.5	19.0	19.0	19.0	19.0
	Central government	3,620.4	4,448.6	5,295.8	7,491.5	8,023.9
	Private sector	1.2	0.0	0.0	11.7	0.0
	IHSS and INJUPEM	0.0	0.0	36.4	31.3	27.0
By debtor:		3,735.2	4,547.8	5,441.7	7,635.0	8,139.5
	ENEE	2,269.2	2,776.3	3,506.3	5,636.2	6,501.2
	SANAA	4.2	3.0	3.7	0.0	0.0
	ENP	302.7	391.2	419.6	454.1	228.6
	HONDUTEL	800.8	935.0	999.4	1,015.6	964.1
	Others	358.3	442.3	512.7	529.1	445.6

Source: Central Bank of Honduras.

Table 28.

Honduras: Weighted Interest Rates of the Banking System

(In percent, end of period)

Source: Central Bank of Honduras.

^{^1/}Nominal rates deflated by the estimated inflation.

Table 28.

Honduras: Weighted Interest Rates of the Banking System

(In percent, end of period)

	1993	1994	1995	1996	1997
I. Nominal Rates
Lending rates
Loans	23.4	26.1	28.4	29.8	32.1
Overdraft	29.7	35.3	35.6	38.1	39.6
Weighted average	23.4	30.9	37.8
Deposit rates
Saving deposits	9.3	9.7	10.1	10.0	12.6
Term deposits	11.4	11.1	12.6	17.4	19.3
Certificates	14.1	15.9	17.1	19.5	21.7
Annual inflation (CPI)	13.0	28.9	23.8	20.2	14.8
II. Real Rates ^1/
Lending rate
Loans	9.2	-2.2	3.7	8.0	15.1
Overdraft	14.8	5.0	9.5	14.9	21.6
Weighted average	13.8	4.1	14.1
Deposit rates
Saving deposits	-3.3	-14.9	-11.1	-8.5	-1.9
Term deposits	-1.4	-13.8	-9.0	-2.3	3.9
Certificates	1.0	-10.1	-5.4	-0.6	6.0

Source: Central Bank of Honduras.

^{^1/}Nominal rates deflated by the estimated inflation.

Table 28.

Honduras: Weighted Interest Rates of the Banking System

(In percent, end of period)

	1993	1994	1995	1996	1997
I. Nominal Rates
Lending rates
Loans	23.4	26.1	28.4	29.8	32.1
Overdraft	29.7	35.3	35.6	38.1	39.6
Weighted average	23.4	30.9	37.8
Deposit rates
Saving deposits	9.3	9.7	10.1	10.0	12.6
Term deposits	11.4	11.1	12.6	17.4	19.3
Certificates	14.1	15.9	17.1	19.5	21.7
Annual inflation (CPI)	13.0	28.9	23.8	20.2	14.8
II. Real Rates ^1/
Lending rate
Loans	9.2	-2.2	3.7	8.0	15.1
Overdraft	14.8	5.0	9.5	14.9	21.6
Weighted average	13.8	4.1	14.1
Deposit rates
Saving deposits	-3.3	-14.9	-11.1	-8.5	-1.9
Term deposits	-1.4	-13.8	-9.0	-2.3	3.9
Certificates	1.0	-10.1	-5.4	-0.6	6.0

Source: Central Bank of Honduras.

^{^1/}Nominal rates deflated by the estimated inflation.

Table 29.

Honduras: Balance of Payments, 1993–97

(In millions of U.S. dollars; unless otherwise indicated)

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Data on portfolio investment is not available before 1996.

^{^2/}Imports of goods and non factor services.

^{^3/}Includes arrears to the Paris Club.

^{^4/}Medium and long-term public and publically guaranted external debt.

^{^5/}Principal and interest arrears, includes arrears to the Paris Club.

^{^6/}Exports of goods and non factor services.

Table 29.

Honduras: Balance of Payments, 1993–97

(In millions of U.S. dollars; unless otherwise indicated)

							Prel.
			1993	1994	1995	1996	1997
Current account			-284	-349	-177	-190	-101
Trade balance			-397	-382	-273	-336	-429
	Exports of goods (f.o.b.)		878	1,017	1,298	1,423	1,536
		Coffee	125	200	350	279	327
		Bananas and other fruit	266	199	261	334	271
		Other exports	486	618	687	810	938
	Imports of goods (f.o.b.)		-1,275	-1,399	-1,571	-1,759	-1,964
Services			-105	-178	-168	-130	16
	Of which
		Interest on external debt	-188	-212	-228	-218	-195
		Value added from maquila industries	114	125	163	204	308
Current transfers			218	211	264	277	312
Capital accounts			205	252	216	228	263
Foreign direct investment			56	42	69	90	114
Portfolio investment ^1/			0	0	0	0	54
Medium- and long-term loans			294	112	74	-5	39
	Disbursements		497	340	373	366	371
	Amortizations		-203	-228	-299	-371	-332
Short-term loans			-145	99	72	142	56
Errors and Omissions			-125	94	-43	-121	62
Overall balance			-204	-3	-4	-83	224
Change in reserves (increase -)			117	-23	-90	13	-308
Exceptional financing ^2/			87	26	94	71	84
Memorandum items:
Current account (in percent of GDP)			-8.1	-10.2	-4.5	-4.7	-2.2
Overall balance (in percent of GDP)			-5.8	-0.1	-0.1	-2.0	4.8
Gross reserves			182	205	296	283	591
Reserves in months of imports ^3/			1.5	1.5	2.0	1.7	3.2
Export growth			-5.9	15.9	27.6	9.6	7.9
Import growth			1.0	9.7	12.3	11.9	11.7
Outstanding debt ^4/			3,629	3,752	3,952	3,767	3,643
External debt arrears ^5/			205	145	127	179	120
Debt to GDP ratio			104	109	100	92	78
Debt service to exports ratio ^6/			34.8	35.9	33.3	33.5	26.2
GDP			3,506	3,428	3,961	4,080	4,699
Exchange Rate (period average)			6.5	8.4	9.5	11.7	13.0

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Data on portfolio investment is not available before 1996.

^{^2/}Imports of goods and non factor services.

^{^3/}Includes arrears to the Paris Club.

^{^4/}Medium and long-term public and publically guaranted external debt.

^{^5/}Principal and interest arrears, includes arrears to the Paris Club.

^{^6/}Exports of goods and non factor services.

Table 29.

Honduras: Balance of Payments, 1993–97

(In millions of U.S. dollars; unless otherwise indicated)

							Prel.
			1993	1994	1995	1996	1997
Current account			-284	-349	-177	-190	-101
Trade balance			-397	-382	-273	-336	-429
	Exports of goods (f.o.b.)		878	1,017	1,298	1,423	1,536
		Coffee	125	200	350	279	327
		Bananas and other fruit	266	199	261	334	271
		Other exports	486	618	687	810	938
	Imports of goods (f.o.b.)		-1,275	-1,399	-1,571	-1,759	-1,964
Services			-105	-178	-168	-130	16
	Of which
		Interest on external debt	-188	-212	-228	-218	-195
		Value added from maquila industries	114	125	163	204	308
Current transfers			218	211	264	277	312
Capital accounts			205	252	216	228	263
Foreign direct investment			56	42	69	90	114
Portfolio investment ^1/			0	0	0	0	54
Medium- and long-term loans			294	112	74	-5	39
	Disbursements		497	340	373	366	371
	Amortizations		-203	-228	-299	-371	-332
Short-term loans			-145	99	72	142	56
Errors and Omissions			-125	94	-43	-121	62
Overall balance			-204	-3	-4	-83	224
Change in reserves (increase -)			117	-23	-90	13	-308
Exceptional financing ^2/			87	26	94	71	84
Memorandum items:
Current account (in percent of GDP)			-8.1	-10.2	-4.5	-4.7	-2.2
Overall balance (in percent of GDP)			-5.8	-0.1	-0.1	-2.0	4.8
Gross reserves			182	205	296	283	591
Reserves in months of imports ^3/			1.5	1.5	2.0	1.7	3.2
Export growth			-5.9	15.9	27.6	9.6	7.9
Import growth			1.0	9.7	12.3	11.9	11.7
Outstanding debt ^4/			3,629	3,752	3,952	3,767	3,643
External debt arrears ^5/			205	145	127	179	120
Debt to GDP ratio			104	109	100	92	78
Debt service to exports ratio ^6/			34.8	35.9	33.3	33.5	26.2
GDP			3,506	3,428	3,961	4,080	4,699
Exchange Rate (period average)			6.5	8.4	9.5	11.7	13.0

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Data on portfolio investment is not available before 1996.

^{^2/}Imports of goods and non factor services.

^{^3/}Includes arrears to the Paris Club.

^{^4/}Medium and long-term public and publically guaranted external debt.

^{^5/}Principal and interest arrears, includes arrears to the Paris Club.

^{^6/}Exports of goods and non factor services.

Table 30.

Honduras: Exports by Product, 1993–97

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 30.

Honduras: Exports by Product, 1993–97

						Prel.
		1993	1994	1995	1996	1997
(Value in millions of dollars, unit value in dollars)
Traditional exports		590.8	618.8	800.8	817.5	828.0
Coffee		124.6	200.1	349.3	278.9	326.3
	Volume (’000 of quintals)	2,225.0	2,241.0	2,343.0	2,687.0	2,246.0
	Unit Value (per 100 1b.)	56.0	89.3	149.1	103.8	145.3
Bananas		225.6	155.1	214.2	279.8	205.3
	Volume (millions of 40 1b. boxes)	36.3	26.8	31.7	38.7	31.6
	Unit Value (per box)	6.2	5.8	6.8	7.2	6.5
Wood		21.9	21.3	19.0	21.7	9.7
	Volume (’000 cubic meters)	85.9	76.2	67.6	71.1	30.4
	Unit Value (per cubic meter)	255.0	279.6	281.0	305.2	319.1
Beef		39.6	39.0	13.0	11.0	11.0
	Volume (millions of kilograms)	16.9	16.2	6.0	5.8	5.5
	Unit Value (per kilogram)	2.3	2.4	2.2	1.8	2.0
Lead		1.8	1.7	1.8	2.7	4.6
	Volume (millions of lbs.)	7.8	6.3	5.8	7.4	13.6
	Unit Value (per 1b.)	0.2	0.3	0.3	0.4	0.3
Zinc		23.0	21.1	27.1	25.7	53.8
	Volume (millions of lbs.)	58.5	51.4	63.2	61.5	96.6
	Unit Value (per 1b.)	0.4	0.4	0.4	0.4	0.6
Silver		3.5	4.4	5.5	4.7	6.5
	Volume (millions troy ounces)	0.9	0.9	1.1	0.9	1.4
	Unit Value (per ounce)	4.1	5.1	4.9	5.0	4.5
Shrimps		112.4	133.6	124.5	143.2	164.1
	Volume (millions of kilograms)	10.2	10.3	9.2	10.7	11.4
	Unit Value (per kilogram)	11.0	13.0	13.5	13.4	14.4
Lobsters		26.8	31.9	34.1	35.0	26.5
	Volume (millions of kilograms)	1.2	1.0	1.1	1.1	0.8
	Unit Value (per kilogram)	22.6	30.5	32.0	32.4	32.5
Sugar		5.2	4.8	6.8	9.5	12.1
	Volume (millions of kilograms)	11.6	9.6	13.3	19.3	24.9
	Unit Value (per kilogram)	0.4	0.5	0.5	0.5	0.5
Tobacco		6.4	5.8	5.5	5.3	8.1
	Volume (millions of kilograms)	2.9	2.6	2.4	2.3	2.7
	Unit Value (per kilogram)	2.2	2.3	2.3	2.3	3.0
Nontraditional exports		271.0	346.7	419.4	503.3	614.8
Total exports, customs basis		861.8	965.5	1,220.2	1,320.8	1,442.8
Adjustments		49.7	51.1	77.5	101.7	88.6
Unrecorded exports		34.0	46.1	69.1	79.2	83.1
Re-exports		15.7	5.0	5.0	5.0	5.0
Other		0.0	0.0	3.4	17.5	0.5
Total exports, BOP basis		911.5	1,016.6	1,297.7	1,422.5	1,531.4
(In percent)
Memorandum items:
Traditional share, customs basis		68.6	64.1	65.6	61.9	57.4
Nontraditional share, customs basis		31.4	35.9	34.4	38.1	42.6

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 30.

Honduras: Exports by Product, 1993–97

						Prel.
		1993	1994	1995	1996	1997
(Value in millions of dollars, unit value in dollars)
Traditional exports		590.8	618.8	800.8	817.5	828.0
Coffee		124.6	200.1	349.3	278.9	326.3
	Volume (’000 of quintals)	2,225.0	2,241.0	2,343.0	2,687.0	2,246.0
	Unit Value (per 100 1b.)	56.0	89.3	149.1	103.8	145.3
Bananas		225.6	155.1	214.2	279.8	205.3
	Volume (millions of 40 1b. boxes)	36.3	26.8	31.7	38.7	31.6
	Unit Value (per box)	6.2	5.8	6.8	7.2	6.5
Wood		21.9	21.3	19.0	21.7	9.7
	Volume (’000 cubic meters)	85.9	76.2	67.6	71.1	30.4
	Unit Value (per cubic meter)	255.0	279.6	281.0	305.2	319.1
Beef		39.6	39.0	13.0	11.0	11.0
	Volume (millions of kilograms)	16.9	16.2	6.0	5.8	5.5
	Unit Value (per kilogram)	2.3	2.4	2.2	1.8	2.0
Lead		1.8	1.7	1.8	2.7	4.6
	Volume (millions of lbs.)	7.8	6.3	5.8	7.4	13.6
	Unit Value (per 1b.)	0.2	0.3	0.3	0.4	0.3
Zinc		23.0	21.1	27.1	25.7	53.8
	Volume (millions of lbs.)	58.5	51.4	63.2	61.5	96.6
	Unit Value (per 1b.)	0.4	0.4	0.4	0.4	0.6
Silver		3.5	4.4	5.5	4.7	6.5
	Volume (millions troy ounces)	0.9	0.9	1.1	0.9	1.4
	Unit Value (per ounce)	4.1	5.1	4.9	5.0	4.5
Shrimps		112.4	133.6	124.5	143.2	164.1
	Volume (millions of kilograms)	10.2	10.3	9.2	10.7	11.4
	Unit Value (per kilogram)	11.0	13.0	13.5	13.4	14.4
Lobsters		26.8	31.9	34.1	35.0	26.5
	Volume (millions of kilograms)	1.2	1.0	1.1	1.1	0.8
	Unit Value (per kilogram)	22.6	30.5	32.0	32.4	32.5
Sugar		5.2	4.8	6.8	9.5	12.1
	Volume (millions of kilograms)	11.6	9.6	13.3	19.3	24.9
	Unit Value (per kilogram)	0.4	0.5	0.5	0.5	0.5
Tobacco		6.4	5.8	5.5	5.3	8.1
	Volume (millions of kilograms)	2.9	2.6	2.4	2.3	2.7
	Unit Value (per kilogram)	2.2	2.3	2.3	2.3	3.0
Nontraditional exports		271.0	346.7	419.4	503.3	614.8
Total exports, customs basis		861.8	965.5	1,220.2	1,320.8	1,442.8
Adjustments		49.7	51.1	77.5	101.7	88.6
Unrecorded exports		34.0	46.1	69.1	79.2	83.1
Re-exports		15.7	5.0	5.0	5.0	5.0
Other		0.0	0.0	3.4	17.5	0.5
Total exports, BOP basis		911.5	1,016.6	1,297.7	1,422.5	1,531.4
(In percent)
Memorandum items:
Traditional share, customs basis		68.6	64.1	65.6	61.9	57.4
Nontraditional share, customs basis		31.4	35.9	34.4	38.1	42.6

Sources: Central Bank of Honduras; and Fund staff estimates.

Table 31.

Honduras: Economic Classification of Imports, 1993–97

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Customs basis.

Table 31.

Honduras: Economic Classification of Imports, 1993–97

					Prel.
	1993	1994	1995	1996	1997
(In millions of U.S. dollars)
Total imports, c.i.f. ^1/	1,290.6	1,460.3	1,642.7	1,840.0	2,048.4
Consumer goods	278.1	318.8	356.8	400.2	455.7
Durables	82.7	94.8	106.1	119.0	135.5
Nondurables	195.4	224.0	250.7	281.2	320.2
Raw materials	460.1	527.2	590.1	661.6	753.3
Agriculture	95.8	109.7	122.8	137.5	156.5
Manufacturing	364.3	417.5	467.3	524.1	596.8
Lubricants and fuels	182.7	190.6	221.6	246.2	233.7
Capital goods	344.0	393.6	440.7	494.1	561.6
Agriculture	12.8	14.6	16.4	18.4	21.0
Manufacturing	169.5	194.2	217.4	243.8	277.6
Transport	123.7	141.8	158.7	178.0	202.7
Construction	38.0	43.0	48.2	53.9	60.3
Other	25.7	30.1	33.5	37.9	44.1
(In percent of total imports)
Consumer goods	21.5	21.8	21.7	21.8	22.2
Raw material	35.7	36.1	35.9	36.0	36.8
Lubricants and fuels	14.2	13.1	13.5	13.4	11.4
Capital goods	26.7	27.0	26.8	26.9	27.4
Other	2.0	2.1	2.0	2.1	2.2

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Customs basis.

Table 31.

Honduras: Economic Classification of Imports, 1993–97

					Prel.
	1993	1994	1995	1996	1997
(In millions of U.S. dollars)
Total imports, c.i.f. ^1/	1,290.6	1,460.3	1,642.7	1,840.0	2,048.4
Consumer goods	278.1	318.8	356.8	400.2	455.7
Durables	82.7	94.8	106.1	119.0	135.5
Nondurables	195.4	224.0	250.7	281.2	320.2
Raw materials	460.1	527.2	590.1	661.6	753.3
Agriculture	95.8	109.7	122.8	137.5	156.5
Manufacturing	364.3	417.5	467.3	524.1	596.8
Lubricants and fuels	182.7	190.6	221.6	246.2	233.7
Capital goods	344.0	393.6	440.7	494.1	561.6
Agriculture	12.8	14.6	16.4	18.4	21.0
Manufacturing	169.5	194.2	217.4	243.8	277.6
Transport	123.7	141.8	158.7	178.0	202.7
Construction	38.0	43.0	48.2	53.9	60.3
Other	25.7	30.1	33.5	37.9	44.1
(In percent of total imports)
Consumer goods	21.5	21.8	21.7	21.8	22.2
Raw material	35.7	36.1	35.9	36.0	36.8
Lubricants and fuels	14.2	13.1	13.5	13.4	11.4
Capital goods	26.7	27.0	26.8	26.9	27.4
Other	2.0	2.1	2.0	2.1	2.2

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Customs basis.

Table 32.

Honduras: Foreign Trade Indices, 1993–97 ^1/

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}All indices are Laspeyres.

Table 32.

Honduras: Foreign Trade Indices, 1993–97 ^1/

					Prel.
	1993	1994	1995	1996	1997
(Index 1987 = 100)
Exports, f.o.b.
Value	122.0	132.7	170.3	185.5	194.8
Volume	125.6	124.0	132.2	153.1	151.3
Unit value	97.2	107.0	128.8	121.2	128.7
Imports, c.i.f.
Value	126.6	146.7	165.1	186.4	198.8
Volume	115.1	130.1	141.5	152.2	158.5
Unit value	117.9	119.4	123.3	128.9	130.2
Terms of trade	82.4	89.6	104.5	94.0	98.9
(Percentage change)
Exports, f.o.b.
Value	2.4	8.8	28.3	9.0	5.0
Volume	-0.5	-1.2	6.6	15.8	-1.2
Unit value	3.0	10.1	20.3	-5.9	6.3
Imports, c.i.f.
Value	17.5	15.9	12.5	12.9	6.6
Volume	16.7	12.1	8.8	7.6	4.1
Unit value	0.8	1.3	3.2	4.6	1.0
Terms of trade	2.1	8.8	16.5	-10.0	5.2

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}All indices are Laspeyres.

Table 32.

Honduras: Foreign Trade Indices, 1993–97 ^1/

					Prel.
	1993	1994	1995	1996	1997
(Index 1987 = 100)
Exports, f.o.b.
Value	122.0	132.7	170.3	185.5	194.8
Volume	125.6	124.0	132.2	153.1	151.3
Unit value	97.2	107.0	128.8	121.2	128.7
Imports, c.i.f.
Value	126.6	146.7	165.1	186.4	198.8
Volume	115.1	130.1	141.5	152.2	158.5
Unit value	117.9	119.4	123.3	128.9	130.2
Terms of trade	82.4	89.6	104.5	94.0	98.9
(Percentage change)
Exports, f.o.b.
Value	2.4	8.8	28.3	9.0	5.0
Volume	-0.5	-1.2	6.6	15.8	-1.2
Unit value	3.0	10.1	20.3	-5.9	6.3
Imports, c.i.f.
Value	17.5	15.9	12.5	12.9	6.6
Volume	16.7	12.1	8.8	7.6	4.1
Unit value	0.8	1.3	3.2	4.6	1.0
Terms of trade	2.1	8.8	16.5	-10.0	5.2

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}All indices are Laspeyres.

Table 33.

Honduras: Distribution of Exports, f.o.b. by Destination, 1993–96

(As percent of total)

Source: Central Bank of Honduras.

^{^1/}Central American Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Table 33.

Honduras: Distribution of Exports, f.o.b. by Destination, 1993–96

(As percent of total)

	1993	1994	1995	1996
Total exports	100.0	100.0	100.0	100.0
United States	50.2	48.7	48.5	44.7
Other Western Hemisphere	16.4	19.2	19.5	21.6
CACM countries ^1/	12.2	14.5	14.8	15.6
Dominican Republic	0.1	0.1	0.1	0.6
Trinidad and Tobago	0.2	0.3	0.3	0.0
Venezuela	0.0	0.0	0.0	0.0
Other	3.9	4.3	4.3	5.4
Europe	27.9	24.6	24.6	24.5
Belgium	6.5	4.3	3.5	4.8
France	1.0	1.2	1.2	1.0
Germany	11.6	6.2	8.6	6.5
Italy	1.0	1.7	1.7	2.2
Netherlands	1.0	1.9	1.9	2.3
Spain	1.9	3.2	3.2	3.3
Other	4.9	6.1	4.5	4.4
Other countries	5.5	7.5	7.4	9.2
Japan	2.2	3.2	3.2	2.8
Other	3.3	4.3	4.2	6.4

Source: Central Bank of Honduras.

^{^1/}Central American Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Table 33.

Honduras: Distribution of Exports, f.o.b. by Destination, 1993–96

(As percent of total)

	1993	1994	1995	1996
Total exports	100.0	100.0	100.0	100.0
United States	50.2	48.7	48.5	44.7
Other Western Hemisphere	16.4	19.2	19.5	21.6
CACM countries ^1/	12.2	14.5	14.8	15.6
Dominican Republic	0.1	0.1	0.1	0.6
Trinidad and Tobago	0.2	0.3	0.3	0.0
Venezuela	0.0	0.0	0.0	0.0
Other	3.9	4.3	4.3	5.4
Europe	27.9	24.6	24.6	24.5
Belgium	6.5	4.3	3.5	4.8
France	1.0	1.2	1.2	1.0
Germany	11.6	6.2	8.6	6.5
Italy	1.0	1.7	1.7	2.2
Netherlands	1.0	1.9	1.9	2.3
Spain	1.9	3.2	3.2	3.3
Other	4.9	6.1	4.5	4.4
Other countries	5.5	7.5	7.4	9.2
Japan	2.2	3.2	3.2	2.8
Other	3.3	4.3	4.2	6.4

Source: Central Bank of Honduras.

^{^1/}Central American Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.

Table 34.

Honduras: Distribution of Imports, c.i.f., by Origin, 1993–96

(In percent of total)

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

^{^2/}Central America Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

Table 34.

Honduras: Distribution of Imports, c.i.f., by Origin, 1993–96

(In percent of total)

	1993	1994	1995	1996
Total imports ^1/	100.0	100.0	100.0	100.0
North America	46.7	43.8	43.6	47.3
Canada	1.1	0.9	0.7	0.7
United States	45.6	42.9	42.9	46.6
Other Western Hemisphere	35.6	34.5	34.9	36.3
CACM countries ^2/	15.4	14.7	17.7	16.3
Brazil	1.9	1.8	1.6	1.1
Colombia	1.3	0.9	1.1	1.0
Mexico	2.8	3.0	4.4	4.9
Trinidad and Tobago	0.3	0.3	0.1	0.2
Venezuela	0.9	0.9	1.3	1.6
Other	13.0	12.9	8.7	11.2
Europe	9.2	12.4	11.3	8.1
Belgium	0.6	1.4	0.9	0.8
France	0.7	0.6	0.3	1.1
Germany	2.3	3.6	2.3	1.7
Italy	1.0	0.7	0.7	0.6
Netherlands	0.9	1.5	3.4	1.0
Spain	0.6	1.8	1.6	1.1
United Kingdom	0.8	0.7	0.4	0.5
Other	2.3	2.1	1.7	1.3
Other countries	8.5	9.3	10.2	8.3
Japan	4.4	4.7	3.6	4.3
Other	4.1	4.6	6.6	4.0

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

^{^2/}Central America Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

Table 34.

Honduras: Distribution of Imports, c.i.f., by Origin, 1993–96

(In percent of total)

	1993	1994	1995	1996
Total imports ^1/	100.0	100.0	100.0	100.0
North America	46.7	43.8	43.6	47.3
Canada	1.1	0.9	0.7	0.7
United States	45.6	42.9	42.9	46.6
Other Western Hemisphere	35.6	34.5	34.9	36.3
CACM countries ^2/	15.4	14.7	17.7	16.3
Brazil	1.9	1.8	1.6	1.1
Colombia	1.3	0.9	1.1	1.0
Mexico	2.8	3.0	4.4	4.9
Trinidad and Tobago	0.3	0.3	0.1	0.2
Venezuela	0.9	0.9	1.3	1.6
Other	13.0	12.9	8.7	11.2
Europe	9.2	12.4	11.3	8.1
Belgium	0.6	1.4	0.9	0.8
France	0.7	0.6	0.3	1.1
Germany	2.3	3.6	2.3	1.7
Italy	1.0	0.7	0.7	0.6
Netherlands	0.9	1.5	3.4	1.0
Spain	0.6	1.8	1.6	1.1
United Kingdom	0.8	0.7	0.4	0.5
Other	2.3	2.1	1.7	1.3
Other countries	8.5	9.3	10.2	8.3
Japan	4.4	4.7	3.6	4.3
Other	4.1	4.6	6.6	4.0

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

^{^2/}Central America Common Market countries include Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

Table 35.

Honduras: Visible Trade with the Central American Common Market, 1993–97

(In millions of U.S. dollars)

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

Table 35.

Honduras: Visible Trade with the Central American Common Market, 1993–97

(In millions of U.S. dollars)

					Prel.
	1993	1994	1995	1996	1997
Exports, f.o.b. ^1/	105.2	139.9	180.8	206.3	213.0
By destination
Costa Rica	10.5	21.5	23.5	27.2	28.1
El Salvador	32.7	43.5	51.9	59.1	61.0
Guatemala	25.5	34.7	49.2	56.0	57.8
Nicaragua	36.5	40.2	56.2	64.0	66.1
By commodity
Soap	3.2	2.1	2.4	…	…
Barbed wire	1.0	0.2	0.2	…	…
Natural and vulcanized rubber	0.8	0.3	0.3	…	…
Edible corn starches	0.7	0.4	0.5	…	…
Plywood	0.8	0.4	0.5	…	…
Fruit juices	0.1	0.1	0.1	…	…
Crown corks and metal stoppers	0.7	0.2	0.2	…	…
Other	44.1	43.5	49.3	…	…
Imports, c.i.f. ^1/	198.8	214.2	290.2	299.6	334.5
By origin
Costa Rica	55.3	47.9	57.4	59.3	57.4
El Salvador	50.3	59.0	83.6	89.4	115.1
Guatemala	83.0	93.7	134.4	133.5	149.5
Nicaragua	10.2	13.6	14.8	17.4	12.5
By commodity
Foodstuff, beverages, and tobacco	25.2	24.7	35.4
Raw materials	28.9	28.3	40.7	…	…
Chemicals	47.2	46.2	66.4	…	…
Manufactures	53.3	52.2	75.0	…	…
Capital goods	12.6	12.3	17.7	…	…

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

Table 35.

Honduras: Visible Trade with the Central American Common Market, 1993–97

(In millions of U.S. dollars)

					Prel.
	1993	1994	1995	1996	1997
Exports, f.o.b. ^1/	105.2	139.9	180.8	206.3	213.0
By destination
Costa Rica	10.5	21.5	23.5	27.2	28.1
El Salvador	32.7	43.5	51.9	59.1	61.0
Guatemala	25.5	34.7	49.2	56.0	57.8
Nicaragua	36.5	40.2	56.2	64.0	66.1
By commodity
Soap	3.2	2.1	2.4	…	…
Barbed wire	1.0	0.2	0.2	…	…
Natural and vulcanized rubber	0.8	0.3	0.3	…	…
Edible corn starches	0.7	0.4	0.5	…	…
Plywood	0.8	0.4	0.5	…	…
Fruit juices	0.1	0.1	0.1	…	…
Crown corks and metal stoppers	0.7	0.2	0.2	…	…
Other	44.1	43.5	49.3	…	…
Imports, c.i.f. ^1/	198.8	214.2	290.2	299.6	334.5
By origin
Costa Rica	55.3	47.9	57.4	59.3	57.4
El Salvador	50.3	59.0	83.6	89.4	115.1
Guatemala	83.0	93.7	134.4	133.5	149.5
Nicaragua	10.2	13.6	14.8	17.4	12.5
By commodity
Foodstuff, beverages, and tobacco	25.2	24.7	35.4
Raw materials	28.9	28.3	40.7	…	…
Chemicals	47.2	46.2	66.4	…	…
Manufactures	53.3	52.2	75.0	…	…
Capital goods	12.6	12.3	17.7	…	…

Source: Central Bank of Honduras.

^{^1/}Excludes adjustments for undervaluation and coverage.

Table 36.

Honduras: Medium- and Long-term, Public and Publicly Guaranteed External Debt and Debt Service, 1993–97

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Including CABEI.

^{^2/}Debt service in percent of export of goods and services.

Table 36.

Honduras: Medium- and Long-term, Public and Publicly Guaranteed External Debt and Debt Service, 1993–97

						Prel.
		1993	1994	1995	1996	1997
(In millions of U.S. dollars)
Total outstanding (end of period)		3,675.2	3,751.7	3,951.7	3,767.2	3,642.5
IMF		119.2	109.2	97.9	57.8	46.1
Multilateral ^1/		2,013.3	2,174.6	2,296.5	2,245.2	2,227.8
Paris Club creditors		1,073.0	1,125.3	1,227.3	1,170.6	1,073.7
Other bilaterals		256.7	173.1	201.9	195.8	225.0
Private creditors		213.0	169.5	128.1	97.8	69.9
Disbursements		509.6	308.3	381.9	301.1	247.7
IMF		9.3	0.0	30.1	0.0	0.0
Multilateral		267.4	194.1	236.2	278.3	173.5
Paris Club creditors		70.9	83.5	58.6	11.3	27.6
Other bilaterals		8.1	30.7	57.0	11.5	46.6
Private creditors		153.9	0.0	0.0	0.0	0.0
Debt service due before rescheduling		425.7	419.4	468.3	532.2	372.9
IMF		11.1	20.2	47.1	39.7	9.8
Multilaterals		234.4	273.0	282.2	347.7	232.7
Paris Club creditors		93.5	43.8	63.3	76.8	59.7
Other bilaterals		47.7	39.1	22.0	30.4	34.5
Private creditors		39.0	43.3	53.7	37.6	36.2
Debt service due after rescheduling		359.8	384.8	422.7	505.9	376.4
IMF		11.1	20.2	47.1	39.7	9.8
Multilaterals		234.4	266.1	252.2	347.7	225.4
Paris Club creditors		28.1	38.6	53.0	48.5	74.8
Other bilaterals		47.2	19.1	20.5	32.4	31.7
Private creditors		39.0	40.8	49.9	37.6	34.7
Debt service cash payments		343.2	351.2	415.5	481.5	374.0
IMF		11.1	20.2	47.0	39.7	9.8
Multilaterals		229.0	241.1	251.4	340.7	225.4
Paris Club creditors		21.7	34.3	52.6	44.4	74.6
Other bilaterals		43.4	15.6	14.6	20.9	29.5
Private creditors		38.0	40.0	49.9	35.8	34.7
Stock of arrears		149.1	111.3	114.6	166.7	109.1
Multilaterals		8.9	41.2	7.2	7.2	9.8
Paris Club creditors		6.5	6.3	34.3	91.6	52.8
Other bilaterals		98.3	41.5	38.5	33.9	33.4
Private creditors		35.4	22.3	34.6	34.0	13.1
(In percent)
Debt to GDP ratio		104.8	109.3	99.7	92.2	77.1
Debt service ratios ^2/
	Before rescheduling	34.8	33.1	33.2	32.5	19.6
	After rescheduling	29.2	30.3	30.0	30.9	19.8
	Cash payments	28	27.7	29.5	29.4	19.7

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Including CABEI.

^{^2/}Debt service in percent of export of goods and services.

Table 36.

Honduras: Medium- and Long-term, Public and Publicly Guaranteed External Debt and Debt Service, 1993–97

						Prel.
		1993	1994	1995	1996	1997
(In millions of U.S. dollars)
Total outstanding (end of period)		3,675.2	3,751.7	3,951.7	3,767.2	3,642.5
IMF		119.2	109.2	97.9	57.8	46.1
Multilateral ^1/		2,013.3	2,174.6	2,296.5	2,245.2	2,227.8
Paris Club creditors		1,073.0	1,125.3	1,227.3	1,170.6	1,073.7
Other bilaterals		256.7	173.1	201.9	195.8	225.0
Private creditors		213.0	169.5	128.1	97.8	69.9
Disbursements		509.6	308.3	381.9	301.1	247.7
IMF		9.3	0.0	30.1	0.0	0.0
Multilateral		267.4	194.1	236.2	278.3	173.5
Paris Club creditors		70.9	83.5	58.6	11.3	27.6
Other bilaterals		8.1	30.7	57.0	11.5	46.6
Private creditors		153.9	0.0	0.0	0.0	0.0
Debt service due before rescheduling		425.7	419.4	468.3	532.2	372.9
IMF		11.1	20.2	47.1	39.7	9.8
Multilaterals		234.4	273.0	282.2	347.7	232.7
Paris Club creditors		93.5	43.8	63.3	76.8	59.7
Other bilaterals		47.7	39.1	22.0	30.4	34.5
Private creditors		39.0	43.3	53.7	37.6	36.2
Debt service due after rescheduling		359.8	384.8	422.7	505.9	376.4
IMF		11.1	20.2	47.1	39.7	9.8
Multilaterals		234.4	266.1	252.2	347.7	225.4
Paris Club creditors		28.1	38.6	53.0	48.5	74.8
Other bilaterals		47.2	19.1	20.5	32.4	31.7
Private creditors		39.0	40.8	49.9	37.6	34.7
Debt service cash payments		343.2	351.2	415.5	481.5	374.0
IMF		11.1	20.2	47.0	39.7	9.8
Multilaterals		229.0	241.1	251.4	340.7	225.4
Paris Club creditors		21.7	34.3	52.6	44.4	74.6
Other bilaterals		43.4	15.6	14.6	20.9	29.5
Private creditors		38.0	40.0	49.9	35.8	34.7
Stock of arrears		149.1	111.3	114.6	166.7	109.1
Multilaterals		8.9	41.2	7.2	7.2	9.8
Paris Club creditors		6.5	6.3	34.3	91.6	52.8
Other bilaterals		98.3	41.5	38.5	33.9	33.4
Private creditors		35.4	22.3	34.6	34.0	13.1
(In percent)
Debt to GDP ratio		104.8	109.3	99.7	92.2	77.1
Debt service ratios ^2/
	Before rescheduling	34.8	33.1	33.2	32.5	19.6
	After rescheduling	29.2	30.3	30.0	30.9	19.8
	Cash payments	28	27.7	29.5	29.4	19.7

Sources: Central Bank of Honduras; and Fund staff estimates.

^{^1/}Including CABEI.

^{^2/}Debt service in percent of export of goods and services.

Table 37.

Honduras: Stock of Arrears, 1994–97

(In millions of U.S. dollars)

Source: Central Bank of Honduras.

Table 37.

Honduras: Stock of Arrears, 1994–97

(In millions of U.S. dollars)

					Prel.
		1994	1995	1996	1997
Stock of arrears		145	127	179	120
Multilaterals		41	7	7	10
Official bilateral		82	85	138	97
	Paris Club creditors	6	34	92	53
	Non-Paris Club	75	51	47	44
Commercial		22	35	34	13
Principal		99	77	118	73
Multilateral		34	5	4	6
Official bilateral		50	51	93	60
	Paris Club creditors	0	19	65	34
	Non-Paris Club	50	31	29	26
Commercial		15	22	21	7
Interest		46	50	61	47
Multilateral		7	3	3	4
Official bilateral		32	35	45	37
	Paris Club creditors	6	15	27	19
	Non-Paris Club	26	20	18	18
Commercial		7	13	13	7

Source: Central Bank of Honduras.

Table 37.

Honduras: Stock of Arrears, 1994–97

(In millions of U.S. dollars)

					Prel.
		1994	1995	1996	1997
Stock of arrears		145	127	179	120
Multilaterals		41	7	7	10
Official bilateral		82	85	138	97
	Paris Club creditors	6	34	92	53
	Non-Paris Club	75	51	47	44
Commercial		22	35	34	13
Principal		99	77	118	73
Multilateral		34	5	4	6
Official bilateral		50	51	93	60
	Paris Club creditors	0	19	65	34
	Non-Paris Club	50	31	29	26
Commercial		15	22	21	7
Interest		46	50	61	47
Multilateral		7	3	3	4
Official bilateral		32	35	45	37
	Paris Club creditors	6	15	27	19
	Non-Paris Club	26	20	18	18
Commercial		7	13	13	7

Source: Central Bank of Honduras.

Table 38.

Honduras: Nominal and Real Effective Exchange Rates, 1993–97 ^1/

(Period Averages; 1990 = 100)

Sources: Central Bank of Honduras; and the Information Notice System.

^{^1/}A decline in the index reflects depreciation.

Table 38.

Honduras: Nominal and Real Effective Exchange Rates, 1993–97 ^1/

(Period Averages; 1990 = 100)

Period	Lempiras/U.S. Dollar	Nominal Effective Exchange Rate Index ^1/	Real Effective Exchange Rate Index ^1/
1993	6.5	74.1	85.2
1994	8.4	63.1	76.0
1995	9.5	56.1	82.3
1996	11.7	47.1	81.9
1997	13.0	45.0	91.7
1993
I	5.8	78.5	90.1
II	6.1	76.7	87.9
III	6.9	70.5	81.7
IV	7.1	70.8	80.9
1994
I	7.4	70.0	80.1
II	8.1	65.0	76.5
III	8.9	59.8	73.2
IV	9.2	57.7	74.2
1995
I	9.2	58.9	81.2
II	9.2	56.9	82.1
III	9.5	55.5	82.4
IV	10.0	53.3	83.3
1996
I	10.7	50.9	81.9
II	11.2	48.6	82.2
III	12.2	44.8	80.5
IV	12.6	44.0	83.2
1997
I	12.8	44.9	88.6
II	13.0	44.6	90.0
III	13.1	45.1	93.3
IV	13.1	45.4	94.9
1997
January	12.9	43.8	85.7
February	12.7	45.3	89.1
March	12.8	45.6	91.0
April	12.8	45.1	90.3
May	13.1	44.4	89.5
June	13.1	44.3	90.3
July	13.1	44.8	92.1
August	13.1	45.4	93.9
September	13.1	45.1	94.0
October	13.1	50.0	93.6
November	13.1	45.2	94.4
December	13.1	46.0	96.6

Sources: Central Bank of Honduras; and the Information Notice System.

^{^1/}A decline in the index reflects depreciation.

Table 38.

Honduras: Nominal and Real Effective Exchange Rates, 1993–97 ^1/

(Period Averages; 1990 = 100)

Period	Lempiras/U.S. Dollar	Nominal Effective Exchange Rate Index ^1/	Real Effective Exchange Rate Index ^1/
1993	6.5	74.1	85.2
1994	8.4	63.1	76.0
1995	9.5	56.1	82.3
1996	11.7	47.1	81.9
1997	13.0	45.0	91.7
1993
I	5.8	78.5	90.1
II	6.1	76.7	87.9
III	6.9	70.5	81.7
IV	7.1	70.8	80.9
1994
I	7.4	70.0	80.1
II	8.1	65.0	76.5
III	8.9	59.8	73.2
IV	9.2	57.7	74.2
1995
I	9.2	58.9	81.2
II	9.2	56.9	82.1
III	9.5	55.5	82.4
IV	10.0	53.3	83.3
1996
I	10.7	50.9	81.9
II	11.2	48.6	82.2
III	12.2	44.8	80.5
IV	12.6	44.0	83.2
1997
I	12.8	44.9	88.6
II	13.0	44.6	90.0
III	13.1	45.1	93.3
IV	13.1	45.4	94.9
1997
January	12.9	43.8	85.7
February	12.7	45.3	89.1
March	12.8	45.6	91.0
April	12.8	45.1	90.3
May	13.1	44.4	89.5
June	13.1	44.3	90.3
July	13.1	44.8	92.1
August	13.1	45.4	93.9
September	13.1	45.1	94.0
October	13.1	50.0	93.6
November	13.1	45.2	94.4
December	13.1	46.0	96.6

Sources: Central Bank of Honduras; and the Information Notice System.

^{^1/}A decline in the index reflects depreciation.

Prepared by Mario Garza.

The base rate is adjusted every 5 auctions in line with the (estimated) differential in inflation rates between Honduras and its main trading partners.

Sales of foreign exchange in the auction increased markedly in the third and fourth quarters of 1997, and gross international reserves declined markedly.

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Honduras: Selected Issues

Author:

International Monetary Fund

Volume/Issue:: Volume 1998: Issue 122

Publisher:: International Monetary Fund

ISBN:: 9781451817041

ISSN:: 1934-7685

Pages:: 101

DOI:: https://doi.org/10.5089/9781451817041.002

Keywords
V. Exchange System41

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Figure 5.

Honduras: Exchange and Interest Rate Developments

Foresee

Table 38.

Honduras: Nominal and Real Effective Exchange Rates, 1993–97 ^1/

(Period Averages; 1990 = 100)

Period	Lempiras/U.S. Dollar	Nominal Effective Exchange Rate Index ^1/	Real Effective Exchange Rate Index ^1/
1993	6.5	74.1	85.2
1994	8.4	63.1	76.0
1995	9.5	56.1	82.3
1996	11.7	47.1	81.9
1997	13.0	45.0	91.7
1993
I	5.8	78.5	90.1
II	6.1	76.7	87.9
III	6.9	70.5	81.7
IV	7.1	70.8	80.9
1994
I	7.4	70.0	80.1
II	8.1	65.0	76.5
III	8.9	59.8	73.2
IV	9.2	57.7	74.2
1995
I	9.2	58.9	81.2
II	9.2	56.9	82.1
III	9.5	55.5	82.4
IV	10.0	53.3	83.3
1996
I	10.7	50.9	81.9
II	11.2	48.6	82.2
III	12.2	44.8	80.5
IV	12.6	44.0	83.2
1997
I	12.8	44.9	88.6
II	13.0	44.6	90.0
III	13.1	45.1	93.3
IV	13.1	45.4	94.9
1997
January	12.9	43.8	85.7
February	12.7	45.3	89.1
March	12.8	45.6	91.0
April	12.8	45.1	90.3
May	13.1	44.4	89.5
June	13.1	44.3	90.3
July	13.1	44.8	92.1
August	13.1	45.4	93.9
September	13.1	45.1	94.0
October	13.1	50.0	93.6
November	13.1	45.2	94.4
December	13.1	46.0	96.6

Sources: Central Bank of Honduras; and the Information Notice System.

^{^1/}A decline in the index reflects depreciation.

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Abstract

V. Exchange System41

A. Antecedents to the Present Exchange System

B. The Interbank Market

C. Features of the Present Exchange System

D. Recent Exchange Rate Developments

STATISTICAL APPENDIX

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V. Exchange System⁴¹