Business leaders are hoping that the Central Bank of Nicaragua will continue to maintain its independence from the central government after the departure of Antenor Rosales.
COSEP president, Jose Adan Aguerri regretted the resignation of Antenor Rosales as head of the Central Bank and hopes that the Government aspires to appoint officials who are not "puppets". Aguerri, hopes the new president of this organization, Alberto Guevara, will maintain independence of criteria.
A week after Antenor Rosales declared that international reserves "are not to be managed according to someone’s whims and preferences", he has been dismissed by President Ortega.
The idea is to make it faster for farmers to perform the procedures required for tax exemptions.
At a time when high prices of raw materials worldwide would benefit producing countries such as Nicaragua, farmers are wasting hours of their time doing paperwork instead of being in their fields harvesting.
The Central Bank announced that the daily legal reserve requirement will now be 12%, while it now stands at 16.25% weekly.
According to Antenor Rosales, president of the Bank, financial institutions must maintain a minimum reserve of 15% biweekly and a daily minimum reserve of 12%.
The Nicaraguan government is meeting with an IMF mission to hold discussions on a $78 million loan.
The negotiations will be held in the Nicaraguan capital, Managua, and will continue until 17 September.
El Nuevo Diario reports statements from the president of Nicaragua's central bank, Antenor Rosales: "we are determined to achieve general agreement with this mission to enable the existing credit and debt servicing program we have with the IMF to be formally recognized by the fund's directorate by November or early December".
The president of the central bank announced that they will request a year's extension for the program due to expire in October.
Antenor Rosales, Nicaraguan Central Bank president, indicated that the request to the International Monetary Fund (IMF) is to continue the program, which was signed in 2007, until 2011 (election year).
The banking regulator has requested shareholders to begin the liquidation process of the financial institution.
The head of Nicaragua's Banking and Finance Regulator (SIBOIF), Víctor Urcuyo, has said that the decision does not impact on the bank's customers since, "the vast majority have already received their money".
The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.
Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.
“SUCRE, (Regional Unique Compensation System), was created in 2009 by ALBA, the Bolivarian Alternative to the Americas. It is a mechanism designed to simplify trade without using other currencies such as the dollar.
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