Time deposits have increased by 12.5%, deposits in savings accounts totaling more than US$6 billion grew by 3.5% over the previous year and current accounts have decreased by 5%.

The official said that current accounts are decreasing because people now prefer to use the Transfer 365 platform, and also because having the money in checkbooks does not generate returns.

In the first quarter of 2023, remittances increased by US$88 million compared to the same period in 2022. The main countries from which remittances are received continue to be the United States, followed by Canada, Spain and Italy.

He said that the average delinquency rate of the salvadoran financial system is 1.8% when the international limit is 4%.

He affirmed that the profits of the salvadoran financial system have increased this year, which means that we have a healthy, solid, stable system with sufficient liquidity.

The economic growth projection for El Salvador for this year is between 2% and 3%, which means that there are no signs of recession.

It is important to highlight that at this moment the country's inflation is at 6.1%, showing a decrease in the last months, we are the second economy with the lowest inflation in the region.

Translated by: A.M