Just as several European countries have done, Honduras must prepare itself to ask for a bailout.
This was the suggestion made by the Social Forum of Honduran External Debt (Fosdeh) during the spring meetings of the International Monetary Fund (IMF) and World Bank (WB). According to Mauricio Diaz, Fosdeh coordinator, "we are still making recommendations, and we have just done so to the IMF and the WB, the general idea is that we have to prepare a rescue plan."
Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.
In the past five years, auto financing in Panama has been increasing, in February Panamanian banks provided loans of this type worth $813 million.
58.6% of these loans were granted for cars worth up to $15,000. According to a survey on the car market conducted by the Directorate of Financial Studies of the Superintendency of Banks, appropriations for the automotive sector in Panama have increased in proportion to the growth of the economy. However, experts believe that although in 2013 sales will grow, they will do so at a rate lower than in previous years.
General indicators, social indicators, the real estate sector, the external sector, the monetary sector, the financial sector and the fiscal sector, for the period from 2007 to 2012.
Authorities at the Bank of Guatemala have made available to operators and the general public, a publication called "Guatemala in Figures", which contains statistical information collected from various sources, including general indicators, social indicators, the real estate sector, the external sector, the monetary sector, the financial sector and the fiscal sector, for the period from 2007 to 2012.
The business sector is calling on Congress to pass the bill which charges a 30% tax on interest gained by speculative capital.
From a press release issued by the Costa Rican Union of Chambers and Associations in the Private Business Sector (UCCAEP):
The Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP) is urging MPs to approve, as soon as possible, the bill which levies a 30% tax on interest earned on speculative capital, which was ruled on in February by the Committee on Financial Affairs.
The Panamanian Autonomous Cooperative Institute yesterday ordered the liquidation of the Savings and Credit Cooperative for Employees of the Social Security Fund, due to irregularities in its operations.
Cooperativa de Ahorro y Crédito Empleados de la Caja de Seguro Social (Coacecss), was seized in June last year, triggered by an "administrative and financial deterioration" in its handling, specifically for opening foreign accounts for excessive amounts on the entity's balance sheet.
At the end of 2012 a total of 7.1 million credit and debit cards were circulating in the country.
The growth compared to 2011 in the amount of "plastic" held by Costa Ricans was 21%.
Elfinancierocr.com reports that "more than 1.6 million credit cards were used to make purchases (95% of operations). Meanwhile, debit cards were used more to withdraw cash than for shopping (51% and 49% respectively of operations). "
The Central Bank of Nicaragua has revealed its monetary and financial report for December 2012.
Financial System:
In the month of December the SFN ‘s process of normalization of liquidity continued, which was reflected in the ratio of availability to deposits of 28.1 percent, partly linked to the pace of credit growth which was around 30 percent. Meanwhile, deposits showed a growth of 5.5 percent.
Standard & Poor's placed has set El Salvador’s risk rating as ‘negative outlook’, indicating deterioration in the investment climate and growth of the fiscal deficit.
Last Friday Standard & Poor's Ratings (S & P) cut its forecast for El Salvador, arguing that the climate of increasing political polarization is weighing on investment and economic growth.
When there aren’t sufficient assets to use as collateral for bank financing, producers are registering their crops in the "Registro de Garantías Mobiliarias" (Movable Collateral Registry - RGM).
Prensalibre.com reports that "Of the 400 entries of movable items from January to November in the RGM, at the Ministry of Economy (Mineco), more than 150 correspond to crops of gold and pergamine coffee.”'
Entrepreneurs in the finance sector and academics are preparing a proposal to regulate by law invoice discounting, an activity which keeps on growing.
The wording of this proposal has gained importance in recent days as the Legal Affairs Committee of the Legislature began a study of a factoring project dating from 2002.
In this regard Pedro Chaves, director of the Department of Commercial Law at the University of Costa Rica, told Nacion.com that “’All of it will have to be changed, that project is ten years old. The concept to factoring was completely different then. We can not start with such outdated legislation."
An alliance of small territories has been proposed to encourage a discussion with the OECD over financial centers, and bring it to the attention of the United Nations.
An article in Prensa.com examines the opinions of a variety of analysts at the second Step Latam Conference held in Panama, regarding pressure from the Organization for Economic Cooperation and Development (OECD) on countries to comply with their requirements on tax information exchange.
The difference between nominal rates paid for loans in local currency and inflation is reaching levels not seen for the past 9 years.
Investors are happy with the situation, which means that their securities in colones are giving them good returns, but for entrepreneurs who need credit for their business or to develop new initiatives, concern is growing.
From the month of September recipients of remittances in Guatemala, Honduras and El Salvador will be able to receive them on their mobile phones.
By using a its cellular network platform, the Guatemalan company Tigo Money, a subsidiary of Tigo, will offer international services for money receipts.
Since early 2011, Tigo Money has been in the remittance business nationally in Guatemala.
From today the Passive Base Rate (PBR) rises by a quarter point, going from 10.25% to 10.50%, its highest level for almost three years.
The passive base rate is calculated by the Central Bank and is a weighted average of interest rates of savings in colones for periods ranging from 150 days (5 months) to 210 days (7 months).
"The Treasury has argued that the placement of international bonds will eventually reduce upward pressure on domestic interest rates. The reason is that it would lower the Government’s need to raise money, since with the money received it can pay other external and internal debts", reported Elfinancierocr.com
Fitch Ratings has downgraded the economic perspective of the rating, making it negative outlook BB.
From the press release by Fitch Ratings:
Fitch Ratings - New York - July 24, 2012: Fitch Ratings affirms its ratings for El Salvador as follows:
- Long-Term Ratings (IDR) in foreign currency and local currency 'BB';
- Short-term rating 'B';
- Country Ceiling: 'BBB-'.