The COSAVI case is admittedly tragic, greater than 5 years of extracting that cash there, how come the Superintendency does not notice it, what’s it for then? 2024-05-20 20:37:44

This Friday within the Encuentro interview with Julio Villagran, the economist Julia Evelyn Martínez and the political analyst Ronal Umaña, talked about that within the case of COSAVI, it has been extracting that cash for greater than 5 years, questioning the work of the Superintendency of the System Monetary, which should make sure the integrity of deposits, financial savings and operations carried out within the nation by licensed establishments.

“The superintendency has the duty to overview monetary statements and perform audits to confirm that these deposits are effectively protected and that they don’t seem to be being misappropriated or that there is no such thing as a danger that the banks will fall into illiquidity and that they will be unable to return the financial savings. to customers” Martinez expressed.

In addition they talked about that what is going on in COSAVI is a monetary corralito the place folks have deposits within the cooperative and might solely withdraw $600 3 instances per week, however the issue lies within the small and medium entrepreneurs who must put up their capital. within the cooperative and they should withdraw greater than $1,800 within the week.

As for Salvadoran banks, each private and non-private, they’re dedicated to their liquidity reserves, highlighting that El Salvador has the bottom worldwide reserves in all of Central America.

“Worldwide reserves are the deposits in {dollars} that the banks of the nationwide monetary system should keep within the central reserve financial institution”mentioned the economist

“It’s extremely delicate to be taking part in with worldwide reserves, it’s a must to see that within the pension fund there may be solely sufficient for possibly 2 years” Umaña talked about.

In addition they highlighted that within the present authorities there are a gaggle of those that are enriching themselves on the expense of public insurance policies and the administration they do with the nation’s funds.

“This regime belongs to Bukele, brothers and firm, as a result of there are different teams of businessmen who’re getting richer on the expense of the impoverishment of nearly all of Salvadorans… There are constructions of very costly house buildings which can be purchased by deputies from the celebration of recent concepts and kin who “They’re from the circle of belief of the Bukele household.” says Julia Evelyn Martínez.