Capital Finance International (CFI), the European magazine specializing in economics, finance, and business, has awarded the title of Best Central Bank of Central America 2023 to the Central Reserve Bank of El Salvador (BCR).
The prestigious international publication highlighted the institution’s fundamental pillars of work, which include promoting financial inclusion, education, and innovation.
According to CFI, the BCR has gained recognition and support from international organizations, with economic growth statistics closely aligning with the bank’s official projections.
One of the key achievements emphasized by CFI is the bank’s pioneering efforts in modernizing payment systems through the promotion of Transfer365.
“This innovation enables free interbank transfers 24 hours a day, 7 days a week, 365 days a year, with positive effects on the daily lives of Salvadorans,” explains CFI.
Another notable aspect highlighted by the magazine is the bank’s swift and efficient dissemination of information. The BCR ensures the generation and publication of macroeconomic statistics for El Salvador on its website and the bulletin board of the International Monetary Fund (IMF).
“Complying with all guidelines of the IMF’s Special Data Dissemination Standard (SDDS), the BCR provides analysis to support research and decision-making for various economic agents,” details CFI.
Furthermore, CFI applauds the BCR’s contribution as the Lender of Last Resort, a key player in government actions for financial inclusion, an effective manager of internal assets, and a promoter and facilitator of foreign trade.
“The BCR insists on excellence and effective technical capabilities, adhering to the highest social security, international standards, and statistical methods. Since the beginning of this year, it has been responsible for generating basic statistics in El Salvador through the Office of Statistics and Censuses (ONEC),” states CFI.
In response to the recognition, the BCR issued a press release stating, “This is acknowledgment of the fundamental role that the institution plays in El Salvador’s economy and financial system, as well as the focus on financial inclusion promoted by President Nayib Bukele to contribute to the country’s economic growth and social development, as outlined in the National Policy for Financial Inclusion.”
“To fulfill this approach, the BCR has implemented a process of modernization and innovation in all the services it offers to the Salvadoran population,” adds the state bank in its communication.
The recognition by Capital Finance International underscores the BCR’s dedication to excellence, innovation, and inclusivity, making it a cornerstone of El Salvador’s economic and financial progress. As the institution continues to lead the way in modernizing financial systems and promoting financial education, it remains committed to fostering economic growth and improving the lives of all Salvadorans.