The telecommunications company Tigo has received legal backing to operate as the first provider of an electronic money service in El Salvador.
The company announced that due to compliance with the requirements required by local law, the Superintendency of the Financial System authorized the operation in the Salvadoran market in accordance with the regulations issued by the Central Reserve Bank.
To encourage banks to place their assets in dollars in the local market and not abroad, the Central Bank will start offering electronic deposits in installments of between 30 and 1,800 days.
From a statement issued by the Central Bank of Costa Rica:
The Central Bank has raised interest rates on electronic deposits through its Central Direct platform in order to increase incentives to save in local currency rather than in dollars.
This new increase in the rates offered on fixed term deposits from 1 to 360 days through the bank's electronic platform comes after the one made on 8 June.On this occasion, the increase oscillates between 0.4% and 1%.
Starting April 21, 6 nicaraguan banks will include among its services online money transfers.
The six banks are part of the ACH Unired network, an entity authorized by the Central Bank of Nicaragua to operate in the country. Some banks offer no-cost transfers, while others charge transaction fees ranging between $5 and $20.
The Banking Association has confirmed that the entities will not provide the Superintendent of Financial System with information requested from them on the 100 largest depositors of each entity.
Armando Arias, president of the Salvadoran Banking Association, said in an article on Elsalvador.com that "... they will respect the secrecy provisions of the Law on Banks and will not give to the Superintendency of the Financial System (SSF) confidential information on depositors, as this entity has requested."
The new Central Bank methodology which establishes preferential rates for large public sector deposits could influence other rates in the financial system.
The new methodology implemented by the Central Bank of Costa Rica aims to set benchmarks for public banks to provide preferential rates to state entities, but which "... at the same time, do not have excessive returns so that the market does not feel pressure to up rates. "
Interest rates on fixed term deposits in the Central Direct electronic platform increased between 0.2 and 0.4 percentage points.
The Increases vary depending on the term of each investment, but the largest increase was for periods ranging from 2 days to 179 days.
"The increase in rates ranging from 0.2 to 0.4 percentage points. For example, for those of one day, the increase was 0.38 percentage points, going from the rate of 2.85% to 3.23%. "
The Central Bank has announced a reduction in gross interest rates applied to investments made through the electronic platform 'Central Directo', or the National Electronic Payment System.
The decrease is of 10 base points for fixed terms that are between 30 and 179 days and 25 base points for terms of between 180 and 1079 days.
The reduction in interest rates paid on electronic deposit ranges from 0.2 percentage points to 0.5 percentage points for periods ranging from two months to five years.
Nacion.com reports that "The Central Bank lowered, from last Saturday, the interest rates offered on their electronic deposits, which are acquired through the digital platform .... Central Directo, 2 February was the last time the company reduced its interest rates. "
The interest rate on Electronic Fixed Term Deposits ranging from 30 days to five years has decreased by between 0.25 to 0.32 percentage points.
"For a period of 30 to 59 days (from one month and up to two months) the gross rate (not excluding the 8% tax) increased from 3.92% to 3.6% and for those within 60 days to 89 days (two months to less than three months), it increased from 5.5% to 5.2%.
This is the fifth time in which the central bank has varied the rates paid to savings deposited electronically using Central Directo so far in 2012.
The rate paid in terms of 270 to 359 days increased from 7.55% to 8.05%, for terms of 360 to 1079 days the rate went from 8.05% to 8.55%, from 1080 to1799 days it changed from 8.75% to 9.75% and thereafter, from 9.1% to 10.1%.
Less than a week after the last rise the Central Bank of Costa Rica has again increased interest rates on deposits offered by the electronic platform Direct Central.
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