160:, Banic was to be merged with Bin. The BND would handle only rural credit operations, and the People's Bank was to take over all credit operations for small and medium-sized industry. International operations, which had been managed exclusively by the Central Bank since 1984, were transferred to the BND and Banic. The Central Bank would continue to handle operations pertaining to the central government, while the newly merged banks would be responsible for letters of credit, imports, transfers, and dollar checking accounts.
137:(IDB) was instrumental in restructuring Nicaragua's technically bankrupt banking sector. In December 1991, the IDB approved a US$ 3 million technical cooperation grant to restructure the Central Bank, and in March 1992, it approved a US$ 3 million loan to a new commercial bank, the Mercantile Bank (Banco Mercantil). The Mercantile Bank program was expected to make loans available to small and medium-sized private-sector
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113:. Other state-owned commercial banks were the Bank of America (Banco de América - Bamer) and the Nicaraguan Bank of Industry and Commerce (Banco Nicaragüense de Industria y Comercio - Banic). The People's Bank (Banco Popular) specialized in business loans, and the Real Estate Bank (Banco Inmobilario - Bin) provided loans for housing. Three foreign banks continued operations:
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171:. They argued that the exchange house was the property of the Central Bank and could not be transferred. The Federation of Bank Workers also charged that the new government banking policy was weakening the state bank while giving the advantage to the private banks. Nicaragua had far fewer banking resources than its
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The
Central Bank also auctioned off one of the government's largest exchange houses. This exchange house had been established in 1988 under the direction of the Financial Corporation of Nicaragua (CorporaciĂłn Financiera de Nicaragua - Corfin). In 1989 the Central Bank authorized the exchange house to
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operate a foreign money exchange office as an agent of the bank. In May 1991, Corfin voted to turn over its shares in the exchange house to the
Central Bank so that the exchange house could be sold.
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Foreign banks were allowed to continue their operations but could no longer accept local deposits. Private banks in
Nicaragua were by law abolished in the 1980s and
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and to finance investments to bolster fixed assets and create permanent working capital. The
Mercantile Bank was the first private bank to be established in
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to resume operations. In 1991 a legislation allowed the establishment of the first private banks in the country, however only large industries and
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In 1992, the largest stateowned commercial bank was the
National Development Bank (Banco Nacional de Desarrollo - BND), originally established by
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government in 1979 was to nationalize the country's banking system, in an "attempt to promote community banking and support the rural poor".
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Restructuring of the
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since 1979. Three additional new commercial banks were scheduled to open in 1992.
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This article incorporates text from this source, which is in the
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Annis, Barbara (1994). "Banking". In
Merrill, Tim (ed.).
371:"COUNTRY REPORT ON ECONOMIC POLICY AND TRADE PRACTICES"
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396:"The Importance of Microcredit in Nicaragua"
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152:program. According to an agreement between
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373:. U.S. DEPARTMENT OF STATE. Archived from
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63:. One of the first acts of the
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323:: CS1 maint: postscript (
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201:List of banks in Nicaragua
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279:Federal Research Division
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627:Administrative divisions
486:Mexican rule (1822–1823)
1146:British Virgin Islands
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106:or banking services.
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694:Territorial disputes
285:. pp. 112–113.
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652:Human rights
632:Constitution
408:. Retrieved
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657:LGBT rights
551:Earthquakes
511:Sandinistas
139:enterprises
129:Restructure
123:Lloyds Bank
41:August 2021
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1171:Martinique
1166:Guadeloupe
1021:Costa Rica
876:Mass media
866:Literature
803:Corruption
737:(currency)
647:Government
556:Ecoregions
514:v. Contras
410:2007-05-20
381:2007-05-20
356:2007-05-20
207:References
158:World Bank
65:Sandinista
1161:Greenland
1076:Nicaragua
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813:Education
773:Transport
689:President
637:Elections
596:Volcanoes
576:Mountains
534:Geography
456:Nicaragua
143:Nicaragua
76:subsidies
1236:Category
1126:Anguilla
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1031:Dominica
1006:Barbados
937:Category
833:Religion
735:CĂłrdoba
684:Politics
615:Politics
460:articles
301:30623751
179:See also
156:and the
119:Citibank
1156:Curaçao
1141:Bonaire
1136:Bermuda
1066:Jamaica
1046:Grenada
1001:Bahamas
914:Outline
881:Museums
856:Cuisine
848:Culture
787:Society
768:Tourism
725:Banking
708:Economy
566:Islands
476:Nicarao
468:History
82:History
31:updated
1081:Panama
1071:Mexico
1016:Canada
1011:Belize
942:Portal
828:Health
748:Energy
591:Rivers
458:
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121:, and
100:export
1131:Aruba
1056:Haiti
921:Index
871:Music
571:Lakes
561:Fauna
104:loans
1201:Saba
1026:Cuba
861:Film
325:link
297:OCLC
287:ISBN
133:The
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