Through a Special Law to Facilitate Access to Credit, parliamentarians seek to reduce barriers to processing a bank loan for productive activities.
This Wednesday, the deputies that make up the Financial Commission continued with the study of the different files that contain initiatives to create the Special Law to Facilitate Access to Credit, which seeks to facilitate the formal financing of all the productive sectors of the country, from the decrease of the requirements established by the banking entities.
The purpose of this regulation is to reduce some requirements to facilitate access to credit in the banking sector, as well as to establish the conditions for the granting of credits and financing for productive and commercial activities, taking into account that the requirements of the regulation are not an obstacle for access to credit.
These provisions should be considered in the policies of financial institutions, regardless of whether or not they are subject to the regulation issued by the BCR.
The president of that legislative body, Francisco Merino (PCN), indicated the importance of having a regulatory body that allows to combat informal financing: “There is an immense majority of Salvadorans who fail to access productive credit because they do not meet the parameters that establishes banking, even if they present payment guarantees. Indirectly they are being forced to go to the black market”.
In this regard, the approach of Deputy Francis Zablah (GANA) agrees, who believes that through formal banking, usury practices could be combated: “Usury is more in the informal sector and the money laundering law should be revised, Because these people evade taxes. But this is because people do not have access to loans with banks, and meeting the requirements they ask for is impossible”.
While it is necessary to have such a body of law, Deputy Rodolfo Martínez (FMLN), said that some requirements that are already contemplated in the Banking Law cannot be eliminated, because otherwise tax evasion and evasion would be encouraged. : The intention to eliminate some requirements is good, however, we must be careful to avoid that we are indirectly promoting elution”.
On another issue, parliamentarians endorsed the quarterly report corresponding to the months of August, September and October of this year, which will be put to the plenary vote in the plenary on Thursday, November 28.
Likewise, they agreed to continue in the next days with the study of the different initiatives of the Special Law to Facilitate Access to Credit and the proposals for amendments to the Law Against Usury.