In Costa Rica, the Basic Passive Rate fell again, this time from 5.8% to 5.7%, while the Effective Rate in Dollars also fell, in this case from 2.54% to 2.38%.
The Central Bank of Costa Rica published on Wednesday afternoon August 21 that after it remained unchanged the previous week, the Basic Passive Rate registered a negative variation and will remain at 5.70% until next August 28.
Implementing a mixed system of interest rates composed of a fixed one with a contract for a determined time and another variable agreed between the account holder and the issuer, is one of the proposals that are discussed in the Congress of Guatemala.
The proposal for two interest rates was presented by the Instituto de Investigación y Proyección sobre Economía y Sociedad Plural (Idies), before the Congressional Economic Commission, in charge of discussing the proposals for changes to Credit Card Law 5544.
During the second quarter of 2019, the amount of electronic payment services provided was $5,787 million, 40% less than in the same period of 2018.
The fall is mainly explained by the lower value traded in the Electronic Funds Transfers (EFT) module. The latter was because of the change in the operability of the daily operations of the NCB which, contrary to the second quarter of 2018, were liquidated outside the Nicaraguan Interbank Electronic Payments System (SINPE), reported the Central Bank of Nicaragua (BCN).
Because of its financial and competitive strength, the rating agency Fitch Ratings confirmed that the risk rating as an issuer of long-term debt is "A", with a stable outlook.
The ratings reflect an underlying asset that is critical not only for Panama, but also for international trade, as evidenced by its stable volume performance, solid competitive position and well-diversified cargo mix, the ratings company explained.
With the approval of the reforms to the Credit Card System Law, in El Salvador it will be banned to charge interest on surcharges generated by arrears.
The reforms also establish that banks must deliver free of charge settlements and cancellations of credit cards, physically or electronically, at the latest within 24 hours, while the documents of obligation or promissory notes that the debtor has signed must be returned within 5 business days maximum, informed the Legislative Assembly:
In Costa Rica, the Effective Rate in Dollars increased from 2.43% to 2.54%, while the Basic Passive Rate remained unchanged.
The Central Bank of Costa Rica published on Wednesday afternoon August 14 that after the decrease of two weeks ago, the Basic Passive Rate did not change and will remain at 5.80% until next August 21.
Up to June 2019, the gross portfolio of the financial system totaled $4.047 million, 20% less than in the same month in 2018, partly explained by the performance of commercial and personal credit.
In terms of composition, the current loan portfolio represented 89.2% of the gross portfolio (89.7% in May 2019), while the portfolio at risk represented 10.8% (10.3% in May 2019). Provisions reached 2.3 times the past-due portfolio (1.6 times including the judicial one) and 54.6% of the non-performing portfolio, reported the Central Bank of Nicaragua (BCN).
Experts and authorities believe that the ruling by the Guatemalan Constitutional Court revoking the suspension preventing access to taxpayers' bank information for fiscal purposes could be reversed with another legal action.
In recent days, the issue has become more relevant in the country, because after a year of being suspended access to banking information for tax purposes, on August 6 the Constitutional Court finally ruled, authorizing the Superintendence of Tax Administration (SAT) to review the accounts of taxpayers.
In Costa Rica, the Effective Rate in Dollars fell again, this time from 2.51% to 2.43%, while the Basic Passive Rate also fell, in this case from 5.90% to 5.80%.
The Central Bank of Costa Rica published on Wednesday afternoon, August 7, that after having registered increases in previous weeks, the Basic Passive Rate registered a negative variation and will remain at 5.80% until next August 14. [GRAFICA caption="Click to interact with graphic"]
One year after the suspension of taxpayers' access to bank information for tax purposes, the Guatemalan Constitutional Court ruled definitively and revoked the suspension.
After the Central Bank of the Dominican Republic decided at the end of June to lower the monetary policy rate to 5%, on July 30 it announced another reductin, in this case to 4.75%.
The decision on the reference rate is based on the detailed analysis of the risk balance regarding the inflation forecasts, including international and domestic macroeconomic indicators, market expectations and medium term projections, informed the Central Bank.
Between January and April 2019, the number of debit cards circulating in the country fell 5%, from 6.03 million to 5.71 million, and the accumulated balance of accounts associated with these plastics fell by 3%.
Based on the information reported by the companies, up to April 30, 2019 there were a total of 5,719,387 cardholders in the domestic market. When comparing this amount with the data from the previous study, a decrease of 311,505 cardholders is registered, informed the Ministry of Economy, Industry and Commerce (MEIC).
Arguing that it does not comply with the standards on transparency and exchange of information for tax purposes, the OECD evaluated Guatemala negatively and recommended working on direct access to taxpayers' banking information.
As planned, following the temporary suspension by the Constitutional Court (CC) of the article of law facilitating access to taxpayers' bank information, the Organization for Economic Cooperation and Development (OECD) decided to include Guatemala in the list of countries that do not comply with their fiscal information commitments.
In Costa Rica, the Effective Rate in Dollars fell from 2.70% to 2.51%, while the Basic Passive Rate also fell, in this case from 6.10% to 5.90%.
The Central Bank of Costa Rica published on Wednesday afternoon August 31 that after a week of rising, the Basic Passive Rate registered a negative variation and will remain at 5.90% until next August 7.
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