This comes after two years during which their portfolios grew more by than 30%. "They need to be capitalized," Antonieta de Bonilla was reported as saying.
The Guatemalan economy is going through a slowdown as a result of the decrease in general consumer spending mainly due to the increase in the rate of inflation which by midyear had reached 7.54%. Even though the Bank of Guatemala decided to raise the interest rate to 7.25% as a corrective measure, this on the other hand represents further restrictions on consumer spending.
The bank is planning to grant loans this year worth $270 million.
Last year it approved $210 million worth of loans to productive sectors such as industry, trade, services, agriculture and construction, an increase of 49% compared to 2010, said the General Manager of the institution, Roberto Silva Alvarez.
June shows 12-month growth in credit at 6.7%, below the 11.7% it had at the beginning of this year.
According to the president of the Chamber of Industry of Guatemala, Thomas Dougherty, uncertainty about the international economy and contingency plans brought about by companies are a few of the causes for the decrease in requests for lines of credit.
Financial companies members of ASIFBAN are demanding the government more access to international financial resources.
Nelson Alvarado is the President of the Salvadoran Association of Financial Intermediaries, also known as ASIFBAN. He stated that his union is undertaking several measures to obtain more financial resources...
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