Nicaragua: Is the Trend in Bank Deposits Changing?

Since April 2018 the total deposits of the National Banking System have been decreasing every month, but in August and September the trend seems to have reversed, as in both months there were increases.

Tuesday, October 22, 2019

According to data from the Superintendence of Banks and Other Financial Institutions (Siboif), between July and August a $39 million growth in bank deposits was reported.

You may be interested in "Nicaragua: Bank Credit Still Declining"

Between August and September, a new increase was reported, in this case it was $41 million, according to official figures.

Laprensa.com.ni reviews that "... Although the outflow of money has slowed this year and the last two months have already seen a positive behavior over last year, the Nicaraguan Foundation for Economic and Social Development (Funides) believes that the outlook for the financial system remains uncertain and that it is still too early to consider that there will be no more leakage of deposits."

The article adds that "... the increase in interest rates to depositors would be behind the upturn and containment of the leak, estimate several analysts."

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More on this topic

Banks Prefer to Save Resources

December 2019

In the midst of the uncertainty generated by the political and economic crisis, banks in Nicaragua have opted to reserve their resources, a situation that is evident in the increase in the liquidity of the system.

According to data from the Superintendencies of Banks and Other Financial Institutions, between March and October of this year, the liquidity of banks as a function of deposits went from 32% to 45%.

Banking Business in Red Numbers

November 2019

Between March 2018 and September 2019, the number of loans granted in Nicaragua by the banking sector has been reduced by around 540,000, a drop attributed to the economic crisis the country is going through.

Data from the Superintendence of Banks and Other Financial Institutions (Siboif), say that in March last year, the month before the onset of the crisis, 1.8 million loans were reported, and in September 2019 the figure fell to 1.26 million.

Crisis is Reflected in the Financial Sector

March 2019

Since the political and economic crisis began in Nicaragua, credit placement has fallen, while delinquency and loan restructuring have increased.

Data from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between April 2018 and February 2019, a period during which the political crisis in the country has deepened, the fall in the net credit portfolio was 16%.

Bank Deposits Down 19%

September 2018

In Nicaragua, between the end of March and the beginning of September, deposits in the banking sector fell by 19%, affected by the socio-political crisis in the country.

According to the most recent data from the Central Bank of Nicaragua (BCN), deposits in foreign currency up to September 6 totaled $3.31 billion, less than the $3.34 billion counted at the end of August. In the case of deposits in córdobas, they reported a slight increase in the periods in question, rising from 35,326 million to 35,595 million.  

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