Private banks are protesting because "the provisions contained in the banking law referring to the requirements and authorizations for the establishment and commencement of operations of commercial banks will not be applicable to Produzcamos."
In the process of starting operations, the entity is not required to comply with the rules of the General Banking Act and that of the Superintendency for Banks and Other Financial Institutions (SIBOIF).
Security of documents is being reinforced using a new type of paper, watermarks, and visible and invisible fibers.
The Central Bank of Nicaragua (BCN) and the Association of Private Banks have agreed to implement, as of March 15, a series of reforms for bank checks. The goal is to stop the falsification of instruments such as these used to transfer money.
Production from the sea area could increase by 60 to 70 thousand tonnes because of the extension the area under Nicaraguan sovereignty.
Until the recent ruling of the International Court of Justice, Nicaragua fished just west of longitude 82. Now more than 90,000 square kilometers of ocean rich in species such as lobster has been added.
The bill which creates the Financial Analysis Unit in Nicaragua does not clarify the obligation to provide a basis for investigations conducted by the institution.
The Superior Council of Private Enterprise (COSEP) and the Association of Private Banks of Nicaragua (Asobanp) have pointed out inaccuracies in a legislative decree regarding the power the future Financial Analysis Unit to conduct investigations in Nicaragua.
The National Housing Plan is paying off, and the Chamber of Developers and the government is working to make banks more flexible with credit for urban social interest projects.
Employers and the government are moving towards common positions regarding measures that could ease mortgage lending for low-income families (less than $521 per month) and the construction of affordable housing.
Nicaragua's private banking sector reacted positively to the Superintendency of Banks’ decision to raise the minimum capital required by banks to more than $10.65 million.
Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua (Asobanp), told the online edition of La Prensa, that actually private banks have a current coverage of 16% minimum share capital, 4% more than the required level of 12%.
In the past four years credit card issuance has reduced by 42.4%.
Credit restrictions applied by banks is one of the reasons for the reduction. According to Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua (Asobanp), the downward trend will be maintained.
They argue that rates cannot be lowered any more, and they would prefer regulations issued by the Superintendence instead of new laws.
Juan Carlos Arguello, president of Asobanp (Association of Private Banks of Nicaragua) said that the sector does not support an amendment to Law 515 of Credit Cards, as they consider more convenient to have regulations issued by the Superintendency of Banks, as this would be "less disruptive to the system", he said.
At least 3 Nicaraguan banks obtained a loan of $10 million each from the INSS to finance low-income housing projects.
The president of the Association of Private Banks of Nicaragua (ASOBANP), Arturo Arana, told Prensa.com that the agreement with the Nicaraguan Social Security Institute (INSS) “had already been approved and 'I think that several banks already have it. They are going to finance low-income housing with Social Security funds'."
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