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.

He added that the banks are seeking more favorable funds to transfer to consumers. He indicated that Banpro managed to get some cheaper funds and that is why they have managed to lower interest rates, commissions and premiums."

More on this topic

Designation of $500 million in El Salvador still undefined.

December 2008

The system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.

The president of the institution, Luz Maria de Portillo, said that the Board of Directors is still dealing with the matter.

Meanwhile, the productive sectors have expressed their expectation that the funds will be channeled as soon as possible since the funds will help to inject capital into the local economy and to reinvigorate it.

What do to when there is no credit

October 2008

With banks barely lending and interest rates up, each company should review their available financing options.

Most small and medium company are not able to use existing instruments which are out of their reach and can mainly be used by investment bankers and financial consultants.

Credit and the responsibility of the banks

January 2009

It is indispensable for the economy to continue using credit to finance production and commercial operations.

The analysis by Raul Moreira published in the La Estrella in Panama emphasizes that "the demand for internal credit by the private sector was at $31.6 billion in October and continued to grow at 20.38%, while deposits had an increase of 24.69%, which shows that the main source of financing for the expansion of credit comes from domestic savings by individuals. Prudence and caution is recommended for credit policies and it is important to maintain the rhythm of capturing funding."

Inflation rise affects banks

July 2008

The credit rating company Fitch warned that rising interest rates and out-of-control inflation could cause debtors to default on their loans.

Maurice Choussy, executive director of Fitch Centroamérica, said the rise in inflation is affecting the ability to pay for both families and businesses.

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