Nicaragua, battling to contain hyperinflation, devalued its currency by 2.9 percent Wednesday.
It was the 21st devaluation of the cordoba this year and the first since June 12 when the Sandinista government cut the value of the currency by 52.5 percent.A central bank spokesman said the official exchange rate was fixed at 20,600 to the dollar from 20,000 previously with the authorized parallel rate unchanged at 25,500.
Harsh austerity measures have managed to bring down inflation from a runaway rate of 36,000 percent in 1988 to a monthly rate of 9 percent in July. The July rate was down from 62 percent in June.
"We are winning the battle against hyperinflation," Vice President Sergio Ramirez said.