a four-year period, Nicaragua has re-established a market economy with
a stable currency and less than 12% annual inflation. Nicaraguas
recovery from 13.500% hyperinflation in 1990, to its current annual rate
of 4% in 1992 is considered a historic first.
is an active member of the worlds financial community. It is up-to-date in its
foreign debt payments and is qualified to receive investment insurance from OPIC and MIGA.
There is financing available for projects from bilateral and multilateral organizations.
- Commercial banking is handled by eleven private banks and three state
- In 1991, the Private Banks Law was issued, which allows:
- The creation of the Banking Superintendency, to authorize and supervise
the private and public banking activities.
- The establishment of Private Banks, Foreign Exchange, Loans &
Savings Institutions, Financial Companies, Fiscal Warehouses; and in 1996, authorizes the
operation of Private Insurance Companies.
- Only US $3 million of capital is required to establish a bank in the
- Private banking has gained a 70% market share in the credit market and
they hold 70% of total deposits of the country.
- The privatization of the Nicaraguan Bank of Industry and Commerce (
BANIC ), programmed in 1997, represents a great opportunity for foreign investment.
- The national currency, Cordoba, is at C $9.00 for US $1.00 as of
February 1997, wit programmed mini-devaluations published monthly by the Central Bank of
Nicaragua (BCN ).
- A stock exchange was created in 1993 and trades I shares of former
government owned entities such as the national telecommunications company ( TELCOR ) and
other government securities.
- Foreign exchange is easy to acquire in foreign exchange houses and
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