Douglas Rodríguez, BCR President. Douglas Rodríguez, President of the Salvadoran Central Reserve Bank (BCR), announced on Monday, August 19, a new bank service of same-day check clearing service of funds issued through checks within the national financial system.
Rodriguez stated at the press conference that funds would be available in less than five hours after being deposited.
The exchange program “Your check today, your money now,” is part of the strategies promoted by the Salvadoran Government to modernize the country’s financial services.
“Another service that we put at the service of Salvadorans. This will boost the economy throughout the national territory.” “We are sure that this will change the way Salvadorans exchange their checks,” remarked Douglas Rodríguez, BCR President.
The Central Reserve Bank’s president explained that over 3 million checks, totaling $17.9 billion, were issued in the Salvadoran economy last year. This amount represents 50% of El Salvador’s Gross Domestic Product (GDP) and 96% of the total deposits in the financial system.
Before, we were used to the check being released the next day, but now, starting this Monday, Salvadorans who cash a check that is directed to the account or bank where they deposited it will be able to get their money in less than five hours. Douglas Rodríguez, BCR President.
The Central Reserve Bank confirmed that the financial entities that will have the check clearing service in less than five hours are all those regulated and supervised by the Superintendency of the Financial System.
For example Davivienda Bank, Agrícola Bank, ABANK, Promérica Bank, Industrial Bank, Azul Bank, Atlántida Bank, Citi, Cuscatlán Bank, Bank Hipotecario, Banco de Fomento Agropecuario, BAC Credomatic, Integral, Bancovi, Comédica, Credicomer, Constelación, Multi Money, and Fedecrédito.
SEE ALSO: Salvadoran Central Reserve Bank (BCR) Projected Economic Growth
The president of the Central Reserve Bank (BCR) also emphasized that this modernization not only accelerates the availability of funds but is also expected to impact the national economy positively.
