Guatemalan Banks Renegotiate 70% of Foreign Credits
70% of the Foreign credit lines in the Guatemalan Banking System were renegotiated under new conditions.
Friday, February 20, 2009
In an article published in sigloxxi.com, Édgar Barquín, the Superintendent of Banks, explained that banks "have been able to defer or restructure them [the credit lines] to maintain the financing used by local banks in productive sector loans" and that the country "has been fortunate in the way correspondent banks have responded."
The IMF has temporarily suspended the availability of emergency funds for El Salvador because it has not met agreed targets, having exceeded government spending.
In the last ten years the number of banks operating in the country fell by 52.6%.
In the first half of the year, international banks placed 15% more loans in Guatemala than in the same period of 2009.
In order to support liquidity, the government is analyzing whether to accept a $500 million line of credit from the IDB.
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