The bill put forward by the Varela administration proposes regulating the operation of crowdfunding platforms, and creates the concept of Family Offices of Patrimonial Administration.
From a statement issued by the Ministry of Finance:
For six-month term savings in colones, the Central Bank in Costa Rica is offering a return of 8.10%, a rate that is higher than that available at commercial banks.
In order to attract money from savers in colones in six months terms, the rates currently offered by financial institutions are 8.10% in the case of the Central Bank (Banco Central), 6.85% at Banco Nacional, 6.75% at Banco de Costa Rica and 6.40% in Promérica.
The financial group G & T Continental has obtained a general license to expand the services it provides in Panama, where it plans to strengthen its corporate and private banking area.
The financial institution started operations in Panama in July 2008 under the name of Banco Financia, S.A. (BMF) and in 2009 changed its name to Banco G & T Continental (Panamá) S.A.
In 2017, profits of Banco de Costa Rica fell by 30% compared to 2016, and those of the Banco Nacional fell by 22% in the same period.
The reduction in profits was due to a decrease in the margin of financial intermediation, due to an increase in interest rates in both dollars and colones, as explained by the authorities of the entities to Nacion.com.
In line with the revision from stable to negative for the outlook for sovereign debt, Fitch Ratings has also downgraded the outlook for the debt of state banks and two private banks.
At the end of August of this year, the default rate in the loan portfolio of the national financial system was 2.54%, higher than the 1.21% rate recorded four years ago.
Elperiodico.com.gt reports that "...When comparing payment delays between 2013 and 2017, the segment with the highest rate is that of small companies, made up of small and medium-sized companies, which went from 3.32% to 7.92%. It is followed by the microcredit segment, which went from 2.97% to 5.37%."
A concentrated banking system with weak capital indicators faces the challenge of reducing past-due loans, which in large banks have grown from an average of 1.1% in 2013 to 2.3% this year.
From a report by Fitch Ratings:
Loan Performance Adequate but Impaired:The behavior of loans has been affected in the last 4 years; in the second half of 2017 (2Q17), non-performing loans (arrears of greater than 90 days) for the largest banks averaged 2.3%, from 1.1% in 2013. In general, this trend was due to the fact that the default of some large creditors from different sectors affected the banking system, as well as the gradual increase in consumer loans. The temporarily established credit card law, which limited interest rates and collection practices in 2016, did not have an immediate impact. Current indicators are adequate.
Representatives of the banking guild say that since the reestablishment of diplomatic relations, banks in the Asian country have expressed interest in the Panamanian market.
Although the conditions and legal framework in which correspondents of large international banks operate in the country still need to be improved, representatives from the banking sector believe that the arrival of Chinese financial companies would help accelerate this process of improvement.
Fitch Ratings, "Reputational risk events could put broad pressure on funding access and damage Panama's position as a regional financial center. "
From a report by Fitch Ratings:
Fitch Ratings-San Salvador/New York-15 March 2017: Reputational and conduct risk will remain key issues for Panamanian banks in 2017 owing to the interconnectedness of the regional financial system and ongoing high profile corruption cases that have affected multiple countries in Latin America, says Fitch Ratings. Reputational risk events could put broad pressure on funding access and damage Panama's position as a regional financial center.
January 22 will see the start of the process to replace the 17-digit customer account numbers with the global standard IBAN, which will facilitate interbank transactions at the national and international level.
From a statement issued by the Central Bank:
Costa Rica is making firm progress in changing the current format for bank accounts over to theIBANsystem(International Bank Account Number, a standardized structure that identifies accounts both domestically and internationally.
In the interests of greater transparency, the Superintendency of Banks has reported the details of the fines imposed in 2015 and 2016 on nine banks in the Panamanian banking system.
The Banks sanctioned in 2015 and 2016 are the state run Caia de Ahorros and St.
Nothing is more harmful to an economy than preventing the death of companies that have proven themselves to be inefficient or, as in the case of Bancrédito of Costa Rica, not essential or even needed.
O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...
español
2770
