This strategy of hikes began to be applied in march of this year, in an attempt to control inflation, the highest in 40 years, and the rise in prices, after the coronavirus pandemic and in the midst of the war between Russia and Ukraine.

For El Salvador, the hikes will not affect the financial systems as much because last july the Superintendencia del Sistema Financiero(SSF), clarified through a statement that the increase in interest rates will have a focused impact due to the fact that Salvadoran banks are supported by local funding.

According to data from the Banco Central de Reserva (BCR), the average rate for loans up to one year term as of october 28 for individuals is 10.99% and 6.54% for companies.

As for loans for more than one year in the same period is 10.87%, for companies 8.47% and for home purchase is 7.09%.

The US central bank met economists' expectations and the official interest rate of the world's largest economy now stands at a range between 3.75% and 4%, the highest level since 2007.

However, after this last announcement, members of the entity pointed out that they remain "very attentive to inflation risks", so future hikes will be in smaller steps and will take into account to what extent such tightening "affects economic activity and inflation" as well as "economic and financial developments".