Business and Economy
Up to 50,000 quintals of Salvadoran coffee could be lost because of storm Julia
Sergio Ticas, the representative of the coffee sector in El Salvador, announced that up to 50,000 quintals of coffee could be lost due to Storm Julia, which hit El Salvador in October. “The Coffee Association of El Salvador ACAFASEL estimates damage to about 10,000 blocks of land in the country’s … Read more
El Salvador repurchases $565 million of its 2023 and 2025 bonds
El Salvador Government announced a $565 million repurchase of its 2023 and 2025 bond debt. President Bukele announced this on his Twitter account on Wednesday, September 21st. “El Salvador has successfully completed the first advance purchase operation of bonds maturing in 2023 and 2025, managing to repurchase bonds for more … Read more
El Salvador Fitch rating gets downgraded to CC from CCC
On September 15th, as Salvadorans celebrated independence day, the El Salvador Fitch rating got downgraded to CC from CCC. Tight fiscal and external liquidity and high financing needs are some of the reasons for Fitch’s downgrade. This is the second downgrade from Fitch of El Salvador’s rating in 2022. In … Read more
El Salvador Credit Ratings in 2022
El Salvador Credit Ratings in 2022 are: Fitch rating is CC with no outlook available; Standard & Poor’s Rating is CCC+ with a negative outlook, and Moody’s Rating is Caa3 with a negative outlook. El Salvador Credit Ratings 2022 Agency Rating Outlook Date Fitch CC N/A September 15th, 2022 Standard … Read more
Financial Inclusion, a problem that affects many Salvadorans and businesses
Financial Inclusion in El Salvador is a problem that affects over 70% of the population and most micro and small businesses, especially those that operate informally. Financial exclusion in El Salvador prevents many people and enterprises from accessing essential inexpensive financial products or services. Individuals who face this financial exclusion … Read more
El Salvador Needs Policy Changes to get IMF Financing – IMF Spokesman
Gerry Rice, IMF spokesman stated in a November 4, 2021, press conference that to get financing with the International Monetary Fund, El Salvador’s government needs to change some of its policies. Talks between the Salvadoran government and the International Monetary Fund (IMF) to seal a loan valued at 1.3 billion … Read more
Legal Currency of El Salvador. All of El Salvador Legal Currencies
The legal currencies of El Salvador are the United States dollar, the Bitcoin cryptocurrency, and the Salvadoran Peso or Colon. The U.S. dollar is El Salvador’s legal currency used regularly; this is the legal tender used for most local and international transactions; Bitcoin is second. Since September 2021, El Salvador … Read more
