17% Decrease in Off Shore Bank Loans in Guatemala

During 2010 the 'off shore' banks reported a 17.4% decline in their loan portfolio.

Monday, January 10, 2011

In November 2010, according to information from Banco de Guatemala, the loan portfolio was $ 1,450 million, 17.4% lower than the $ 1,751 million reported at year-end in 2009.

Flavio Montenegro, general manager of G&T Continental Bank, told Elperiodico.com.gt, "There are two factors which explain the behavior of off shore banks over the past year. The first relates to the exchange rate variation which reduces Dollar amounts after conversion to Quetzales ... The second factor was that during 2010 there was an excess in Dollar liquidity due to slower economic growth".

More on this topic

Taxes on Offshore Banking in Costa Rica

December 2013

Congress is analyzing a 15% tax on offshore banks and 5.5% for banks domiciled in the country with presence abroad.

The Costa Rican Congress is considering three options for taxing offshore banking in a bill to reform the development banking system. "One proposal is for a tax of 5.5%, another is to exempt from taxes these type of banks and a third is a gradual tax", reported Nacion.com.

Guatemala: Tougher Rules for Offshore Banks

July 2009

The proposed modifications to the Banking Law will establish minimum deposits and limitations to investments.

The General Secretary of the Presidency is currently analyzing the proposal, and it could reach the Legislative soon.

"Among the new measures there is a $12.500 minimum for opening accounts", publishes PrensaLibre.com.

Costa Rica: Changes in Income Tax

March 2015

The reform under public consultation includes tax on remittances sent abroad, on the payment or crediting of interest, commissions and other financial expenses by natural or legal persons domiciled in Costa Rica.

From the order by the Ministry of Finance published in La Gaceta:

IDB Loans $70 Million to Banco G&T Continental

January 2010

The loan to the Guatemalan bank aims to finance import and export operations.

Within the Trade Finance Facilitation Program (TFFP), the Inter-American Development Bank (IDB) granted Guatemalan Bank G&T Continental $70 million.

Flavio Montenegro, G&T CEO, remarked: "This transaction strengthens our trade operations and supports the economy of Guatemala, as it increases the funding available for our nation's industries".

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