Given the outbreak of covid-19 and the imposition of restrictions on economic activity, between February and June of this year the amount of loans granted by the banking sector reported a 1.2% drop.
Data from the Superintendence of the Financial System (SSF) indicate that between February (the month before the beginning of the health and economic crisis) and June of this year, the credit portfolio contracted by $149 million, from $13.276 million to $13.127 million.
Up to July 2019, gross loans in the country totaled $12,840 million, 5% more than the amount reported in the same month of 2018.
With respect to the assets of the banking system, data from the Superintendence of the Financial System (SSF) detail that up to July of this year totaled $18.558 million, which represents a $1.016 million increase when compared to the balance of the same month in 2018.
At year-end, according to corporate financing, the bank loan portfolio totaled $13.793 million, 6% more than at the end of 2017.
Superintendencia del Sistema Financiero (SSF) reported that the balance of the loan portfolio of financial institutions operating in El Salvador increased by $767 million between 2017 and 2018, rising from $13.026 million to $13.793 million.
Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.
In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L. ,"...
After closing the operation of the information provider, Dicom, a division of Equifax, the financial authorities have authorized the operation of the companies TransUnion El Salvador and Procrédito .
From a statement issued by the Superintendency of the Financial System of El Salvador (SSF):
The Board of the Financial System of El Salvador has approved a request by the company TransUnion El Salvador SA de CV and Asociación Protectora de Créditos de El Salvador, Procrédito, so they can operate as agents of credit history information services.
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