Macroeconomy/Finance

2% of the banks’ profits will be used to cover losses

The Government decided to adjust the distribution of the guarantee funds and stipulated that 2% of the profits of the financial system should be used to cover losses on social and productive housing loans. At December 31, 2019, the financial intermediation system recorded benefits of Bs 2,287 million ($328.59 mn). With the resources, the financial system will generate new credits of $300 million for social housing and $120 million for productive housing.

Source: Página Siete