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Finance
The Central Bank must, among other responsibilities,
contribute to the transparency of the financial system.
The country needs to have a clear knowledge of the
use of resources and economic stability must be
developed.
Since 2001, the Central Bank follows the Monetary
Integration Law, which consists of the following
points:
• Regulations and Tracking of the financial system:
The Central Bank follows and permanently studies
the functioning of the financial system. It suggests
new regulations that contribute to stability and
development. It assures that financial institutions
comply with the minimum liquidity required for
reserves.
• International Reserves:
The Central Bank manages the International
Reserves, and has to obtain minimum profit levels to
increase its value with foreign investments with high
liquidity and an investment policy that limits its risk.
• Payment system and Financial services:
The Central Bank helps payments between firms
and individuals through its payment system. It
compensates the consigned checks and pays the
operation between banks. It provides banks with
banknotes and currency to respond to the liquidity
needs of the economy.
• State services financial agent:
The Central Bank is the State financial agent.
It receives government deposits and makes
government payments; places debt title documents
on both national and international markets. It is
also responsible for timely payment of foreign debt
commitments.
• Export services:
Through CENTREX, Export Procedure Center, part
of the Central Bank since 1989, Salvadoran exporters
have real-time information and an authorization
service that helps them to be competitive within the
CAFTA Treaty and Free Trade Agreements.
• Statistics, Economic Projections and Financial
Studies:
The Central Bank is in contact with the main rating
agencies, such as Standard and Poor, Fitch and
Moody, the International Monetary Fund (IMF), World
Bank, CEPAL (Economic Commission for Latin
America) and other global institutions that advise on
economic stability and payment capability. It shares
with the government the economic management
responsibility of the State; through technical studies,
statistics and macroeconomic projects based on
international standards.
“The new government administration of Funes is
making an effort to create a new El Salvador;
with opportunities for everyone, maintaining the
macroeconomic stability achieved by previous
governments. It is necessary to democratize the
results of economic development remembering
the 2 million Salvadorans who went to the United
States seeking opportunities that El Salvador could
not give them.”
Carlos Acevedo, President
BANCO DE FOMENTO AGROPECUARIO
Norma Mercedes Miranda de López
President
Carretera al Puerto de la Libertad, Km 10½,
Santa Tecla, El Salvador
Tel: (+503) 2241 0800
Fax: (+503) 2241 0815
mdelopez@bfa.gob.sv
www.bfa.gob.sv
Activity: Bank
Date of creation: 1973
The BFA was created as an official credit institution,
decentralized from the Ministry of Agriculture
and Livestock, under which the state and private
sector through which cooperative associations
and agricultural cooperatives, agricultural trade
associations and professional associations operate.
The BFA commenced operations on May 4, 1973.
The different financial services offered by Banco
de Fomento Agropecuario are for the use of the
productive sectors of the country, mainly for the
farmers of micro-agricultural and agribusiness, as
well as for micro and small busines entrepreneurs in
both rural and urban areas.
If a person wishes to obtain credit to cultivate
basic grain, vegetables, fruit, exportable products,
improvement to an agricultural farm, purchase of
machinery, cattle, fishing, micro-entrepreneurial and
agro-industrial processes, the bank has a diversity of
products at disposition that will help you to progress.
Besides, the bank offers other services such as Savings
accounts, Checking accounts, Fixed Term deposits,
and Family remittances through Cable transfers:
Money Order, Western Union, and Reciba Network.