$145 Million Freed to Banks in El Salvador
With the backing of the Financial System Superintendent, the Central Reserve Bank began to release half of the additional reserve of $290 million.
Thursday, April 23, 2009
Due to the celebration of the recent presidential elections, an additional reserve of 3% had been established, with the anticipation of money withdrawals and capital flight.
Banks in El Salvador will receive $290 million that where frozen as a liquidity reserve.
The Salvadoran Bank Association will request the SSF to release the $261 million imposed due to the elections.
The Central Bank announced that the daily legal reserve requirement will now be 12%, while it now stands at 16.25% weekly.
Monetary authorities are pushing more actions to provide liquidity to the banking system.
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