In the past two years, over $2 billion worth of financing for large enterprises in Guatemala has been provided by large Colombian banks.
The main participant is Bancolombia, which in 2010 and 2011 was involved in syndicated loans for over $1 billion, including the acquisition of Deorsa and Deocsa by Britain's Actis, the extension of Ingenio Magdalena and financing for Cementos Progreso and Cabcorp.
The system will allow judges to freeze bank accounts for delinquent taxpayers, in electronic form.
The system, which streamlines the process, will be implemented initially in three courts at the capital and one in Mixco.
"Luis Arturo Archila, tax lawyer, explained that thanks to this technology the accounts of the defendants can be seized from the time the judge orders", published Elperiodico.com.gt. "The second phase includes the electronic embargo at the Land Registry and Business Registry in order to seize property and businesses."
Junta Monetaria (the Monetary Board) decided to lower the leader rate of the monetary system by 0.50 basic points, dropping from 5.75% to 5.25%.
The reductions in the leader rate that the Junta Monetaria has been implementing since January 2009, a month in which the indicator was at 7.25%, still does not reflect the interest rates that the banks are charging.
The Monetary Board approved the emission of Q200 Bills (24.88 dollars at today's exchange rate) which would go into circulation later this year.
Julio Roberto Suarez, vice president of the Bank of Guatemala (Banguat), informed PrensaLibre.com: "The Banguat will get the price quotes and it will conduct the international bidding with the currency manufacturers that supply the region in June."
The banking sector requested that the term for the temporary measure of providing liquidity in US dollars via repo transactions be extended.
Sigloxxi.com reports that "Jose Angel Lopez Camposeco, president of the Banking Association of Guatemala (ABG) and the Rural Development Bank (Banrural), commented that the measure worked, "because it is an instrument which gave signals that in case of any need for or suspension of credit, we have resources available."
The Bankers Association of Guatemala announce yesterday that the ACH system, or automatic compensation chamber, came into effect.
The system will allows clients to transfer money from one bank to another.
The service, which will be accessed via each banks' website (users must have online banking access), will initially be free of cost; however, as its use grows in the future, the banks may opt to start charging for the services based on their policies.
Experts predict that the American financial crisis will be felt through fewer credit flows, foreign investment, exports and remittances.
The National financial system is not showing signs of infection. Jose Angel Lopez, president of the Banking Association of Guatemala (ABG), indicated that the banks have their investments in the Central Bank, in government bonds, credits and other assets, hence their exposure to the American banks is minimum.
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