Interest in El Salvador continue to rise
Despite the measures adopted by the Executive to guarantee liquidity, the price of money continued to rise in December.
Monday, January 26, 2009
Elsalvador.com reports: "During the last of quarter of 2008 the interest rate for one year loans increase by one point to 9.58%, according to figures by the Central Reserve Bank (BCR), while for loans for more than a year, it grew 0.65%, to 10.46%.
In an unprecedented move since the dollarization of the country's economy, the BCR will inject ready money into the local financial sector.
ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.
The system of designation for the IDB loan of $500 million is still under discussion by the authorities of the Central Reserve Bank.
Banks in El Salvador will receive $290 million that where frozen as a liquidity reserve.
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