El Salvador: Banks raise interest rates for credit
Some banks already published the adjustment and others announce that the increase in the credit rates will occur shortly, although they did not say exactly when.
Thursday, November 13, 2008
Scotiabank has raised the interest rates between 0.25 and 2 percent for loans. Scotiabank sales and services director, Jose Eduardo Angulo Milla, indicated that in order to not affect clients' budget, the amount for monthly loan payments has not been modified due to the interest rate adjustment, however he reported that the "non modification of the quota generates a portion of the capital that will be accumulated when the credit term expires.
Nicaraguan employers are complaining about the high interest rates charged on loans by the Banco de Fomento a la Producción (Bank for Development of Production).
Banks are offering rates of up to 7.5% for mortgage loans, both consumer and corporate.
Banks are seeking funds to ensure financing for the housing sector with better interest rates.
Despite the measures adopted by the Executive to guarantee liquidity, the price of money continued to rise in December.
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