The Banking Association has confirmed that the entities will not provide the Superintendent of Financial System with information requested from them on the 100 largest depositors of each entity.
Armando Arias, president of the Salvadoran Banking Association, said in an article on Elsalvador.com that "... they will respect the secrecy provisions of the Law on Banks and will not give to the Superintendency of the Financial System (SSF) confidential information on depositors, as this entity has requested."
On average financial institutions pay fees of 6.6% per annum for deposits in colones in the national financial system.
Although in the financial system, cooperatives offer better returns for deposits than banks, overall rates of these instruments have shown a downward trend in recent years, going from in some cases, as cited by the economist Rudolf Lucke on Nacion.com, "... a rate of up to 15% to current rates of around 6%."
The new Central Bank methodology which establishes preferential rates for large public sector deposits could influence other rates in the financial system.
The new methodology implemented by the Central Bank of Costa Rica aims to set benchmarks for public banks to provide preferential rates to state entities, but which "... at the same time, do not have excessive returns so that the market does not feel pressure to up rates. "
Between March last year and the same month in 2014, total deposits in the domestic financial system went from $3.431 billion to $4.185 billion.
More deposits by households, businesses and government boosted growth of deposits by 2.3 % in March compared to the previous month. The dynamism was recorded in overnight deposits, which grew 35.5 %, while fixed term deposits and savings deposits grew 20.5 % and 5.8 % , respectively, according to the Monetary and Financial Code and the Central Bank of Nicaragua (BCN).
Economic growth and low interest rates in the United States explain the increase between 2011 and 2013.
With an average annual growth of 8% in the past five years, according to data from the Superintendency of banks of Panama (SBP), bank deposits were $59.626,93 million in February of 2014 $39.919,66 million in February 2009.
The total amount of stock transactions increased by 33.6% in 2012 compared to the previous year.
Elperiodico.com.gt reports that "According to Paulo de León, consultant at the Central American Business Intelligence (CABI), the volume of transactions is reaching a significant amount, and is evidence of a recovery after several very difficult years. '
Costa Rican credit unions pay up to 4.25% more than banks on term deposits in local currency.
After two years of low rates, return on certificates of term deposits (CDP in Spanish) is rising and the best deals are with savings and credit unions (CAC in Spanish), which exceed those of the banks by 4.25 percentage points.
The Administrative Tribunal of Costa Rica has rejected a suit by the National Stock Exchange (BNV in Spanish).
Since the Costa Rican Central Bank (BCCR) created a market for liquidity (MIL) in 2009 to negotiate short-term operations, the interbank market (MIB) operated by the National Stock Exchange for the same purpose, has been affected, as the BCCR’s intention is that all transactions be done on its system, so that there will be better control of financial system liquidity, and hence inflation.
Interest rate on 60 to 89 days Electronic Term Deposits (DEP), increased from 4.25% to 4.40%.
Terms on 90 to 179 days increased from 4.55% to 5.05% and for 180 to 269 days from 5.57% to 6.32%.
"This is the third interest rate change made by Central Bank after the sharp cut of 1.50 points made on August 19 August." La Nacion reports on its website, "…the rate for 180 days to 269 days was cut from 6.75% to 5.50% on August 19th and with Saturday´s adjustment it reached 6.32%."
For 1080 to 1799 day electronic deposits, the entity rose its interest rate from 11.13% to 11.35%.
For deposits longer than 1800 days, the rate also increased, going from 11.23% to 11.35%. This rates do not include an 8% tax on interests.
Journalist Patricia Leitón writes for newspaper Nación: "The minimum deposit for investing in these securities is ¢100.000 ($170), and they are purchased through the "Central Directo" system, available at the web site of the Central Bank. Anyone with a bank account can transfer resources to the Central Bank and invest in these deposits."
An analysis of the different options available for investors in the Guatemalan financial market.
As it is usual in Latin America, the most sought securities by Guatemalan investors are government issued ones, specially for their low credit risk. These bonds are used by the government to finance its budget.
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