The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
In Costa Rica, Panama’s Banco General is starting a push into the country’s consumer banking market.
In its first year of operation, the bank focused only on corporate customers, but will now expand into the consumer banking market gradually. They will start by offering mortgage loans.
Alberto Sauter, the bank’s manager in Costa Rica, explained that they started with $80 million in capital, and plan to reach $500 million in the medium term.