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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".
The two first commercial banks in Nicaragua opened in 1888. The Bank of Nicaragua (Spanish: Banco de Nicaragua), later rebranded as the Bank of Nicaragua Limited, headquartered in London and then merged with the London Limited Bank of Central America, and the Mercantil Agricultural Bank (Spanish: Banco Agrícola Mercantil) that went bankrupt for non-payment of their debtors.
In 2002, Nicaragua experienced a financial banking crisis as a result of investor instability in the wake of an election, leading to a massive deceleration of growth to 1 percent. Furthermore, the Central Bank of Nicaragua (BCN) had to take the majority of the damage and up spending dramatically, thus raising debt. [ 10 ]
Fractional Reserve Regulation. ... the US Government established the United States central banking system with the National Bank Acts of 1863 and 1864. These acts set the reserve requirements of ...
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In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
Nicaragua is striving to overcome the after-effects of dictatorship, civil war and natural calamities, which have left it one of the poorest countries in the Western Hemisphere.
Arguably the most important requirement in bank regulation that supervisors must enforce is maintaining capital requirements. [4] As banking regulation focusing on key factors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices. [5]