Housing loans continue to be high in Nicaragua
Banks are seeking funds to ensure financing for the housing sector with better interest rates.
Tuesday, February 3, 2009
EL NUEVO DIARIO.com.ni reports on its website: "Luis Rivas, General Manager of the Production Bank (Banpro), said that the funds to finance home purchases are generally intermediate, because there are no long term deposits in the country, and interest rates offered to the final consumer depend on those set by the providers of the funds.
The system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.
With banks barely lending and interest rates up, each company should review their available financing options.
It is indispensable for the economy to continue using credit to finance production and commercial operations.
The credit rating company Fitch warned that rising interest rates and out-of-control inflation could cause debtors to default on their loans.
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