All of the formal conditions have now been revealed for the operation of the system for granting flexible loans to farmers and entrepreneurs who currently have no access to commercial bankfinancing.
Hundreds of millions of dollars were left idle because of lack of standards to allow their use in lending to the productive sector.
From May 30, the technical rules on credit cards issued by the non-banking commercial sector will be in effect in El Salvador.
A statement from the Ministry of Economy reads:
The Minister of Economy, Armando Flores signed for publication in the Official Journal, this May 29, standards for credit cards, which allow development of the application of the provisions of the Law on Credit Cards, in a more effective and efficient form, favoring cardholders from the nonbank trade sector.
New rules forbid issuers from “stalking” cardholders in order to collect pending payments.
The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).
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