Starting April 21, 6 nicaraguan banks will include among its services online money transfers.
The six banks are part of the ACH Unired network, an entity authorized by the Central Bank of Nicaragua to operate in the country. Some banks offer no-cost transfers, while others charge transaction fees ranging between $5 and $20.
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."
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. "
The reduction in interest rates paid on electronic deposit ranges from 0.2 percentage points to 0.5 percentage points for periods ranging from two months to five years.
Nacion.com reports that "The Central Bank lowered, from last Saturday, the interest rates offered on their electronic deposits, which are acquired through the digital platform .... Central Directo, 2 February was the last time the company reduced its interest rates. "
The interest rate on Electronic Fixed Term Deposits ranging from 30 days to five years has decreased by between 0.25 to 0.32 percentage points.
"For a period of 30 to 59 days (from one month and up to two months) the gross rate (not excluding the 8% tax) increased from 3.92% to 3.6% and for those within 60 days to 89 days (two months to less than three months), it increased from 5.5% to 5.2%.
This is the fifth time in which the central bank has varied the rates paid to savings deposited electronically using Central Directo so far in 2012.
The rate paid in terms of 270 to 359 days increased from 7.55% to 8.05%, for terms of 360 to 1079 days the rate went from 8.05% to 8.55%, from 1080 to1799 days it changed from 8.75% to 9.75% and thereafter, from 9.1% to 10.1%.
Aldesa Group reports that given the decline in the Dollar's price at the wholesale market MONEX, the Central Bank (BCCR) is forced to buy dollars at the lower band of ¢500 per dollar.
During the first two weeks of February purchases by the public sector in this market have intensified absorbing the supply of dollars. However, given the recent decline in purchases by this sector, the dollar has moved to lower prices and it has been the Central Bank the one buying the dollars offered at ¢ 500.