El Salvador needs $1 billion to deal with the crisis
This is the amount that the Salvadoran Foundation for Social and Economic Development recommends getting in the contingency credit.
Wednesday, November 5, 2008
According to a report published yesterday by the foundation "we must urge the Central Reserve (BCR) to negotiate a contingency fund of $1 billion from the IMF, making use of the new line of credit that the Bank has opened.
An analysis of the changes in the dynamics of granting credit, in an interview with the Superintendent of the Salvadorian Financial System.
In an unprecedented move since the dollarization of the country's economy, the BCR will inject ready money into the local financial sector.
The Panama Banking system has a liquidity of $14 billion and $115 million is affected by the credit crisis.
The effects are already visible, there is a strong reduction in the credit for housing and vehicles, as well as a restriction of credit cards.
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