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Latino Daily News

Sunday November 21, 2010

Honduras Strengthens Its Financial Systems and Access to Finance

Honduras is working on strengthening and stabilizing its financial system while expanding access to finance with a $40 million international loan.

The project will contribute to maintaining the stability of financial intermediaries, improving the transparency of pricing information, contracts and services, and promoting financial inclusion of small and medium enterprises and vulnerable segments of the Honduran population.

The country seeks to have a regulatory framework in accordance with international best practices to ensure the financial system’s stability and sustainability. In addition, it will help improve risk monitoring of financial institutions. The National Banking and Insurance Commission’s professional career plan will also be strengthened and improved.

Regarding access to credit, the key goals are improving customer service processes for financial institutions and the lender-of-last-resource window of the National Banking and Insurance Commission; financial literacy campaigns and the enactment of a law on secured transactions.