Honduras This Week Online Business & Economics

Budget up nearly Lps. 3 billion

The budget for fiscal year 1999 sent to Congress is Lps. 18.690 billion (US$1.3 billion), up nearly Lps. 3 billion from the initial budget approved recently by the legislature, said Finance Minister Gabriela Nunez in a La Prensa report Wednesday (Sept. 23).

s8-9-29d.gif (8835 bytes) She said 38.2 percent of the budget will be used for health, education and social programs, 25 percent for payments of Honduras' debt, 12.5 percent for public works and infrastructure, and 5.4 percent for security and defense.

Dollar Exchange Rate	Official	Black Market
Buy	13.51	13.44
Sell	13.68	15.53

Honduras second in coffee exports

Graph Courtesy Stanley Marrder Special to Honduras This Week Online.

Record harvests have propelled Honduras to second place in coffee exports for Central America, the daily La Tribuna reported Thursday (Sept. 10).

According to Fernando Montes, manager of the Honduran Coffee Institute (IHCAFE), Honduras has so far exported 3.5 million 46-kilo sacks of coffee worth Lps. 5,950 million (US$444 million) during the 1997-98 coffee season, which began Oct. 1, 1997 and concludes this coming Sept. 30.

Guatemala, which is in first place, has exported US$971.9 million worth of coffee, while El Salvador, in third place, has received $285.6 million from its exports. Costa Rica is in fourth place with $273.9 million.

During the 1996-97 period, Honduras exported $324 million in coffee.

Dollar Exchange Rate	Official	Black Market
Buy	13.51	13.44
Sell	13.68	15.53

U.S. firm buys Honduran cigar maker

Consolidated Cigar International, a U.S. cigar manufacturer, has purchased 75 percent of the stock of La Flor de Copan tobacco company, the daily La Tribuna reported Sept. 9.

Prominent banker and politician Jorge Bueso Arias, one of the company's owners, said the deal will help the company expand sales of Honduran cigars on the world market.

Located in Santa Rosa de Copan, La Flor de Copan produced 7.5 million cigars in 1997, and estimates for this year are between 6 and 6.5 million.

Consolidated Cigar International previously acquired a tobacco firm in Danli, El Paraiso department.

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