Venezuela's central bank raised interest rates on credit cards and savings deposits

Venezuela's central bank raised interest rates on credit cards and savings deposits to reign in consumer spending and control the highest inflation rate in Latin America. Central bankers also set new maximum rates for loans to the agricultural, industrial and tourism sectors designed to help increase productivity and resolve widespread shortages. ``The central bank is trying to slow consumption,'' said Asdrubal Oliveros, chief economist at Caracas-based research firm Ecoanalitica. ``It's also trying to stimulate lending for these productive sectors.''