2023-06-02 22:35:09
The financial agreements that Nicaragua has signed with the Central American Bank Economic Integration, 44 in total; are already in transition of the scheme from Libor to Sofr.
The Libor rate is determined by banks participating in the London market, and in 2008 around 16 international entities; they were involved in a big scandalcausing a worldwide scam to millions of users.
As of today, with the unanimous approval of the Nicaraguan parliament, a general decree that modified the loans to the public sector with sovereign guarantee, making the rate change official.
«The measure to migrate from an already dirty rate (Libor) is correct and of course it must be supported, you must always be aware; because they do not rest in satisfying their voracious appetite, subjecting our Latin American, Caribbean and African people. Here it is shown that the main banks worldwide are full and are a den of criminals, that is why our international loans will be regulated by the Sofr rate. A step that is correct!»; detailed Wálmaro Gutiérrez, deputy of the National Assembly.
Nicaragua condemns those responsible who do great harm to humanity.
The country’s move towards this measure is sustained and protects it against future irregularities. Nicaragua joins the countries that have condemned those responsible who have systematically done great harm to humanity.
“The transition process to replace the interest rate is being implemented, it is based on estimates of the banks on their borrowing costs, the reference saying is not solid to use it in the long term, at a global level the transition has started before of June 30»; remarked the legislator.
Nations are opting for mechanisms less vulnerable to manipulation.
“A transparent, honest, responsible government is made with all security and gallantry; that has complied with reducing poverty and extreme poverty”; Gutierrez finished.
#International #loans #Nicaragua #scheme #Libor #Sofr #rate