The Superintendence of Banks and Other Financial Institutions (Siboif) announced that the minimum capital required for banks that already operate or wish to enter was raised by $1.03 million, from $10.67 million to $11.70 million.

Laprensa.com.ni reports that "... the Siboif proceeded to update the amounts for the financial companies. To open a finance company in Nicaragua now requires a minimum capital of $1.93 million."

The article adds that "... it also ordered the updating of the minimum capital required for the central securities offices. Up to now, for this type of financial operation, the minimum capital required was $256,000, but from now on $278,000 will be required."

All financial entities will have seven days, starting from the next shareholders' meeting, to level the minimum amounts.

Source: laprensa.com.ni

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