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Banking in Nicaragua, prior to 1978, consisted of the Central Bank of Nicaragua and several domestic- and foreign-owned commercial banks.[1] One of the first acts of the Sandinista government in 1979 was to nationalize the country's banking system, in an "attempt to promote community banking and support the rural poor".[1][2]
Foreign banks were allowed to continue their operations but could no longer accept local deposits.[1] Private banks in Nicaragua were by law abolished in the 1980s and cooperatives were considered too politicized and dependent on subsidies.[citation needed] In 1985, a new degree loosened state control of the banking system by allowing the establishment of privately owned local exchange houses.[1]
- ^ a b c d Annis, Barbara (1994). "Banking". In Merrill, Tim (ed.). Nicaragua: a country study (3rd ed.). Washington, D.C.: Federal Research Division, Library of Congress. pp. 112–113. ISBN 0-8444-0831-X. OCLC 30623751.
This article incorporates text from this source, which is in the public domain.{{cite encyclopedia}}: CS1 maint: postscript (link) - ^ "Micro-enterprise/Microfinance Issues in Nicaragua". Foundation for Sustainable Development (FSD). Archived from the original on 2007-07-19. Retrieved 2007-05-20.
