In October 1948, elections were held and Juan Manuel Galvez, former Minister of War, Navy and Aviation of the Carias dictatorship, became President in January 1949, inaugurating a process of economic and political modernization of the State of Honduras, which makes him the Governor of Honduras of the 20th century.
His government program considered the diversification of agricultural production, expansion of bank credits finance new economic activities, favored the development of light industry on a par with the expansion of commercial agriculture. He created the Central Bank of Honduras, the National Development Bank, and the Ministry of Agriculture.
