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The Honduran lempira, denoted by HNL, is the official currency of Honduras. One USD equals 18.75 HNL. The lempira is named in honor of the native leader who fought the Spaniards. His name translates to "gentleman of the mountain." His picture is on the 1-lempira bill and the 50-cent coin.
B2, 20 Jul 1999
Sovereign credit ratings play an important part in determining a country's access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
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Honduras is a democratic constitutional republic with three different branches. The executive branch consists of a president, first vice president, second vice president, third vice president, and the cabinet. The president is both chief of state and head of government. He serves a four-year term and elected by popular vote. The president of Honduras controls a lot of the government. He appoints the cabinet as well. The legislative branch is a unicameral National Congress with 128 seats available for members. All of the members are elected to the number of votes their party's presidential candidate receives. Each member serves a four-year term. Finally, the judicial branch is the third and last branch, which consists of the government. The judicial branch consists of a Supreme Court of Justice. The National Congress elects all the judges for seven years.
Chief of State President Porfirio LOBO Sosa (since 27 January 2010); Vice President Maria Antonieta Guillen de BOGRAN (since 27 January 2010); note - the president is both the chief of state and head of government Head of Government President Porfirio LOBO Sosa (since 27 January 2010); Vice President Maria Antonieta Guillen de BOGRAN (since 27 January 2010) Cabinet Cabinet appointed by president Elections president elected by popular vote for a four-year term; election last held 29 November 2009 (next to be held in November 2013) Election Results Porfirio "Pepe" LOBO Sosa elected president; percent of vote - Porfirio "Pepe" LOBO Sosa 56.3%, Elvin SANTOS Lozano 38.1%, other 5.6%
Key Economic Factors
The economy has been in steady recovery since Hurricane Mitch hit in 1998, growing about 4% annually. Honduras' maquiladora sector is second in the world only to Mexico. The industry provides jobs to over 120,000 Hondurans and accounts for over 0 million annually in foreign exchange for the country. Honduras has always experienced heavy inflation, flirting around 11% annually. In the aftermath of Hurricane Mitch, Honduras received over 0 million dollars in relief from foreign nations including the United States under the Heavily Indebted Poor Countries Initiative (HIPC).