The government hasn't done anything to spur economic growth: It hasn't stimulated demand, increased spending, eased regulation or boosted investor protections. The central bank, in turn, has been slow to drive down lending rates. At the end of last month, it kept its main rate at 10.5 percent, enabling the carry trade to remain highly lucrative but making it difficult for business to fund investment. The rate has changed only once this year, in June, when it was lowered from 11 percent.
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