Salvadoran Banks Request Release of $261 million
The Salvadoran Bank Association will request the SSF to release the $261 million imposed due to the elections.
Thursday, March 19, 2009
In late 2008, the Financial System Superintendent (SSF) ordered a 3% increase in liquidity reserves which were at 25% for the protection of deposits if there was a bank run. This increase represented $261 million for the banks which will request for the money to be released as soon as possible.
With the backing of the Financial System Superintendent, the Central Reserve Bank began to release half of the additional reserve of $290 million.
Banks in El Salvador will receive $290 million that where frozen as a liquidity reserve.
In an unprecedented move since the dollarization of the country's economy, the BCR will inject ready money into the local financial sector.
The liquidity indicator was 39.8% in July 2009, according to data from the Salvadoran Banking Association.
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