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The Minister of Finance, Tobías Nóbrega, denied downright that there would be a 12% to 15% devaluation of our currency for 2005, as several media have reported. The finance official dismissed these comments as mere “speculations”, despite the allegation that the source of the information was a member of the institution’s technical staff, and said that “with this level of international reserves, a measure like that makes no sense.” General Alfredo Pardo, director of the National Budget Office (Onapre), had already denied claims of devaluation that were reported on a prior occasion .

To some analysts in the Ministry of Finance, this offensive was launched by “experts” and “technical staff in economics” in order to avoid referring to reality: this year’s great economic growth.