A credit card law proposal being studied by the Legislative Assembly would set a maximum interest rate of 22%.
Both the Banking Association of El Salvador (ABANSA), and the National Private Enterprise Association (ANEP), support the creation of a credit card law, that would provide greater transparency to the market, but disagree in regulating interest rates.
The private security services sector registered an $18 to $20 million decrease in sales in the last year.
The chairman of the Chamber of Commerce and Industry of El Salvador, Jorge Daboub, indicated in an article in Elsalvador.com that businesses were spending about $600 million a year before the economic crisis. Current investment has been reduced to $580 million a year, "this means that companies have had to make adjustments in private security recruitment."
Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.
"The deputies take two years to pass a law that encourages economic development of the country and two hours to consider one that's going to ... undermine judicial security," said Jorge Daboub, president of the national Chamber of Commerce.