In the last two years, 100,000 loans that were up to date became arrears, and bankers attribute this mainly to the increase in unemployment and the decline in economic activity.
The slowdown that the Costa Rican economy has suffered in the last two years is taking its toll not only on businesses and families, but also on the banking sector.
Figures from the General Superintendence of Banks and Financial Entities (Sugef) detail that "...
In Panama, the Superintendence of Banks states that as a result of the changes made to comply with FATF requirements, 93 bank correspondents have been recovered.
Since the authorities in Panama began to make the changes required by the Financial Action Task Force (FATF) in the regulatory processes, the results have begun to be seen, as several foreign banks have expressed interest in returning to the Panamanian financial center.
Stryker, a medical technology company, opened a new financial services center to be located in the province of Heredia, from where it will support all its financial activities in the Americas.
The operation is in San Antonio Business Park, in Heredia, where the company opened its offices since last April, according to official information.
The Basic Passive Rate rose from 5.55% to 5.70%, while the Effective Rate in Dollars also rose, in this case from 2.27% to 2.47%.
The Central Bank of Costa Rica published on the afternoon of Wednesday, December 18 that after registering no changes the previous week, the Basic Passive Rate rose by 0.15%, and will remain at 5.70% until next Wednesday, December 25.
Arguing that management practices were detected that put at risk its solvency and soundness, the Monetary Board decided to suspend the operations of Financiera de Occidente, S.A., an entity that represents 0.35% of the total assets of the local banking system.
Erick Vargas Sierra, head of the Superintendence of Banks (SIB), told Prensalibre.com that "...
The Basic Passive Rate remained at 5.55%, while the Effective Rate in Dollars reported a decrease, from 2.43% to 2.27%.
The Central Bank of Costa Rica published on Wednesday afternoon December 11 that after recording an increase the previous week, the Basic Passive Rate did not change for the next few days and will remain at 5.55% until next December 18.
As of August 2019, the credit portfolio of the banks of the national system totaled $54,805 million, 2% more than what was reported in the same month of 2018, a rise that is explained by mortgage and personal loans.
Total domestic credit increased by 2.1% compared to the same period in 2018. The sectors driving this higher growth in absolute value are associated with personal banking products, especially in the mortgage (5%) and personal loans (5.8%) sectors, informed the Superintendence of Banks of Panama.
In order to preserve savings and the stability of the national banking system, the Monetary Board decided to suspend the operations of Banco de Credito, an entity that represents 0.2% of the total assets of the local banking system.
The Superintendence of Banks will have to communicate to the general public the mechanism to be used to make operative the management of the deposits constituted in the Banco de Credito, informed the Central Bank.
According to Fitch Ratings, banks in Nicaragua will continue to be pressured by the remaining effects of an economic contraction for the second consecutive year, a situation derived from the political crisis affecting the country.
The National Assembly of Panama approved in third debate the bill that creates the Superintendence of Non-Financial Subjects, and now the proposal only awaits the approval of the Executive.
The bill, which was sent by the Executive Branch to be analyzed in extraordinary sessions and which seeks to establish the exclusive competence to regulate and supervise non-financial regulated entities administratively with the aim of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, has already passed the procedure in the National Assembly.
In Costa Rica, the Effective Rate in Dollars reported a new increase, in this case from 2.38% to 2.43%, and for its part the Basic Passive Rate fell to 5.55%.
The Central Bank of Costa Rica published on Wednesday afternoon December 4 that after recording an increase the previous week, the Basic Passive Rate reported a negative variation and will remain at 5.55% until next December 11.
Last December 2, the new Credit Card Law proposal received a favorable opinion from the Economy Commission of the Guatemalan Congress, and now it should be discussed in the plenary session.
The National Assembly of Panama approved in second debate the bill, by means of which it is intended to create the Superintendence of Non-Financial Subjects.
This legislative project, sent by the Executive Branch to be analyzed in extraordinary sessions, seeks to establish the exclusive competence to regulate and supervise in the administrative way the non-financial obligated subjects with the intention of preventing money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, informed the National Assembly.
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%.