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E L SALVA D O R
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COUNTRY OVERVIEW
BASIC DATA
Capital City: San Salvador
Land Area:
20,720 sq km
Population:
27.6 M
Main Towns: San Salvador (capital)
Santa Ana
San Miguel
Climate:
Tropical on coast, sub-tropical on uplands
Language:
Spanish
Measures:
Mixed: metric system and English measures; also old Spanish units
Currency:
1 colón (c) = 100 centavos. On January 1st 2001 a fixed exchange
rate of c8.75:US$1 was introduced by law and the US dollar
became legal tender. The Monetary Integration Law provides for
a dual currency system; in practice, the US dollar is used almost
exclusively, except in some small, rural areas
Time:
6 hours behind GMT
Government: President
Vice-president
Agriculture
Defense
Economy
Education
Environment
Finance
Foreign Relations
Health
Interior
Labor & Social Security
Public Security & Justice
Public Works
Tourism
Central Bank President
Source: The Economist Intelligence Unit as of February 2012
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Carlos Mauricio Funes Cartagena
Salvador Sánchez Ceren
Guillermo López Suárez
Atilio Benítez
Hector Dada Hirezi
Salvador Sánchez Ceren
Hernan Rosa Chávez
Carlos Cáceres
Hugo Martínez Bonilla
María Isabel Rodríguez
Ernesto Zelayandía
Humberto Centeno
David Munguía Payés
Gerson Martínez
Jose Napoleón Duarte
Carlos Gerardo Acevedo Flores
COUNTRY OVERVIEW
A. POLITICAL STRUCTURE
Official Name
Republic of El Salvador
Form of State
Unitary republic
National Legislature
Unicameral Legislative Assembly, comprising 64 locally and 20 nationally elected deputies,
elected every three years
Legal System
US-style Supreme Court system
Electoral System
Universal adult suffrage
National Elections
January 2009 (legislative and municipal), March 2009 (presidential); next elections due in
2012 (legislative and municipal) and 2014 (presidential)
Head of StatePresident elected for a single term of five years
National Government
The president, Mauricio Funes, governs with the support of the
FMLN, which holds 35 of 84 seats in the legislature; he appoints and presides over a Council
of Ministers
Main Political Organizations
Government: left-wing Frente Farabundo Martí para la Liberación Nacional (FMLN) governs
in alliance with the Gran Alianza de Unidad Nacional (GANA) and the Partido de Conciliación
Nacional (PCN)
Opposition: right-wing Alianza Republicana Nacionalista (Arena); Partido Demócrata Cristiano (PDC); Cambio Democrático (CD)
Source: The Economist Intelligence Unit as of February 2012
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COUNTRY OVERVIEW
B. POLITICAL OUTLOOK 2012 - 2016
The political scene will remain broadly stable in 2012-16, supported by the moderate
stance of the president, Mauricio Funes, and cross-party dialogue and consensusbuilding. Stability will be underpinned by Mr. Funes’s broad popular support, his approval
rating stood at 72% in late 2011, as his government increases social spending, particularly on healthcare, education and rural programmes. Although tension between Mr.
Funes and some radical leaders of the ruling left-wing party, the Frente Farabundo Martí
para la Liberación Nacional (FMLN), will persist as he refrains from pursuing a more
left-wing agenda, the Economist Intelligence Unit expects that his pragmatic approach
and popularity will avoid major frictions within the party. Mr. Funes’s centrist stance will
also prevent any drastic policy shifts or constitutional changes, reassuring voters and
external donors. Nevertheless, there will be some degree of social tension, reflecting the
economy’s continuous weak performance since the 2009 recession. Disruptive protests
or strikes remain likely, reflecting slow progress on Mr. Funes’s economic agenda
(including measures to reduce poverty and unemployment), persistent corruption and
political interference in the judicial system.
El Salvador’s precarious security situation will also remain a major concern for individuals and businesses, and a threat to institutional stability. To avoid losing popular support,
the Funes administration will increasingly take a hard line stance on crime, including
using the military for crime-fighting alongside the police and appointing former military
officers to head key security posts traditionally held by civilians. This strategy, however,
will continue to strain the president’s relation with the FMLN. Although there are growing demands to deal with cases of human rights violations that took place during the
country’s civil war (1980-92), as well as allegations of corruption in previous administrations, these are likely to be opposed by political parties and the powerful military establishment, and risk increasing social polarization.
Mr. Funes’s foreign policy will prioritize maintaining close relations with the US, El
Salvador’s most important trade and investment partner and home to over 2.3m Salvadorans. In addition to trade and immigration, bilateral relations with the US will focus on
increased co-operation on security matters and on greater support for the Funes
administration’s development programmes. Although the FMLN maintains historical
links with radical leftist regimes in the region (including with Venezuela’s president,
Hugo Chávez, and with the Castro brothers in Cuba), the government and the ruling
party will avoid taking a marked anti-US stance. Instead, Mr. Funes will seek to develop
closer political and economic ties with moderate governments in Latin America and
increase trade links with Asia. The "trade pillar" of the EU-Central America Association
Agreement (EU-CAAA), signed in 2010, is likely to come into force in 2012, boosting trade
and investment ties with Europe.
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C. ECONOMIC PERFORMANCE
Increased employment stability among the Hispanic population in the US has meant
that the yearly rate of increase in family remittances from the estimated 2.3m Salvadorans residing there is slowly returning to pre-2009 levels. According to the BCR, in 2011
remittances inflows increased by 6.4% year on year, to a total of US$3.7bn, equivalent
to around 16.2% of GDP and slightly more than the country’s total tax intake. In 2010 the
total was US$3.4bn, a yearly rise of just 1.3%. The fourth quarter of 2011 saw a particularly strong surge in remittances, with growth of 9.6%, partly owing to seasonal adjustments, but also reflecting sustained economic growth in the US. With unemployment
among Hispanics in the US now estimated to be around 11%, the lowest since February
2009, other Latin American nations have also reported solid growth in remittance flows.
In 2011 Guatemala saw a rise of 6% to US$4.4bn, while Mexico reported a 7.4% increase
in remittances.
For El Salvador, the recent approval of another extension of the Temporary Protection
Scheme (TPS) will underpin stability in its large immigrant community in the US. The
TPS was originally put in place to help Salvadoran illegal migrants gain temporary legal
status if they could prove they had come to the US in the wake of the earthquakes that
afflicted the country in 2001. Some 220,000 Salvadorans have gained TPS status, which
means that they are protected from deportation and can even apply for permission to
visit El Salvador and return to the US. The latest change extends the scheme to September 2013. Successive Salvadoran governments have put securing TPS protection as a
top policy priority, although there has rarely been any indication from the authorities in
the US that the programme would be terminated.
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COUNTRY OVERVIEW
D. ECONOMIC FORECAST
Economic Growth
El Salvador’s GDP growth in 2012-16 will be very modest (at the slowest pace in Central
America), reflecting a very weak domestic production base, which limits investment and leads
to a persistently negative foreign balance. In 2012 GDP growth will reach only 2.2% (following
1.4% growth in 2011), as the one-off effects of reconstruction spending and continued export
growth, in line with a more positive outlook in the US, are offset by weak investor confidence.
We expect a stronger release of pent-up domestic demand in 2013-16, although at an annual
average rate of 3%, growth will be insufficient to address the country’s development needs.
Private consumption will remain subdued in 2012-13, in line with weak job creation, but it will
improve in 2014-16 on the back of a faster rise in remittances and better credit conditions.
Despite fiscal commitments under the IMF’s standby arrangement, Mr. Funes’s 2010-14 social
development plans and high layouts for subsidies will help to keep government consumption
growth high by historical standards, at an annual average of 5.1% in 2012-16. A precarious
security situation will affect private investment, but spending on public reconstruction projects and some foreign direct investment (FDI) will support a tepid recovery in investment
growth in 2012-13. This will accelerate slightly in 2014-16, as global conditions improve and
companies increasingly take advantage of the Dominican Republic-Central America FreeTrade Agreement (DR-CAFTA) with the US. Real export growth will gain some momentum
over the forecast period as exporters develop stronger ties with the EU and South American
markets, but the prospect of a renewed global recession continues to pose downside risks to
our short-term forecasts. Import growth will also accelerate as private consumption strengthens gradually; rising at a faster pace than exports in 2012-16, so that the external balance will
act as a drag on GDP.
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On the supply side, output from the agricultural sector is expected to fall in the short term,
as the sector suffered heavy losses during the recent flooding. In contrast, services growth
will continue to gather pace, led by commerce, transport and communications. The manufacturing sector, which is dominated by maquila (offshore assembly for re-export), will also
expand, but high input costs will limit growth. After recovering robustly in 2011, construction will post moderate growth in 2012 owing to public infrastructure projects, including an
ambitious social housing programme for low-income families. In 2013-16 we expect the agricultural sector to recover and the performance of most other sectors to improve, in line
with more robust private sector growth and stable international conditions.
Inflation
The dollarization framework will keep inflation lower than in most of the region, but aboveaverage international food and oil prices and a gradual pickup in domestic demand will
keep moderate upward pressure on the consumer price index (CPI) in 2012-16. After reaching 5% in end-2011, we forecast the rate of inflation to fall in 2012, to an average of 3.3%,
reflecting falling international commodity prices and a high base of comparison. There are
moderate risks that the recent floods, which will result in sharp falls in domestic output of
basic grains in the early 2012 harvest, lead to higher than forecast food price inflation and
overall inflation in 2012. We expect inflation to average an annual rate of 3.5% in 2013-16,
although the release of pent-up demand could exert stronger upward pressures.
Exchange Rates
The dollarization policy adopted in 2001 will not come under threat in 2012-16, reflecting its
broad acceptance across the political spectrum. After weakening by 0.4% in 2011, we
expect the real effective exchange rate (REER) to strengthen by 6.7% in 2012-16, partly
owing to inflation differentials with the US and as other currencies in Central America
(those of both El Salvador’s key export customers and its international competitors) depreciate vis-à-vis the US dollar. Although this will affect the competitiveness of Salvadoran
exporters, we do not expect any serious strains on dollarization during the forecast period,
unless there is a massive deterioration in the public finances (which is not our baseline scenario).
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COUNTRY OVERVIEW
External Sector
A structural trade deficit will produce persistent current-account deficits in the outlook
period, averaging 4.2% of GDP annually in 2012-16. El Salvador’s trade balance is heavily
exposed to changes in international commodity prices, with our forecasts of slightly
lower oil and food prices in 2012-13 helping to narrow the trade deficit, from an estimated 20.7% of GDP in 2011 to 18.4% of GDP in 2013. In 2014-16 the trade deficit will
increase gradually again, to 19.7% of GDP in 2016, as modest export growth in nontraditional and maquila goods (which have benefited from high levels of investment in
recent years) are offset by rising imports, driven by stronger economic growth and
higher oil prices. The services and income balances will remain broadly stable in 2012-16
(posting average deficits of 0.1% and 1.9% of GDP, respectively), while the transfers
surplus will rise slowly in real terms in the forecast period, boosted by a gradual recovery in remittance inflows. However, still-weak job creation in the US will prevent a return
to 2006-08 levels, when remittances averaged 17.9% of GDP (compared with 16.2% of
GDP in 2012-16). Continued access to multilateral support in 2012-13 and a recovery in
FDI in 2014-16 will maintain a steady level of foreign reserves and adequate coverage to
avoid a balance-of payments crisis.
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CITI SOLUTIONS & SERVICES
A. GENERAL BUSINESS TERMS AND CONDITIONS
Companies operating in El Salvador are moving toward concentrating their cash management needs through one full service bank as a means of optimizing treasury flows.
Technology customization is becoming a driving force in the banking sector. Clients have
more sophisticated demands, and are therefore requiring efficient, state-of-the-art
products to meet their goals. Competition among financial service providers continues
to increase with new entrants in the financial market.
Account Services
El Salvador has a dollarized economy and therefore all local accounts are opened in
USD. Demand Deposit Accounts (or checking accounts) are usually non-interest bearing
although we can offer interest bearing accounts as requested by the customer. Deposits
can be made at any of the branches. There are no baking laws or regulations restricting
automatic funds concentration, funding of accounts balances or intra-day overdrafts.
Payments
Electronic payments are becoming more popular however, a large number of payments
in El Salvador are still being made via check or cash. There has been no ACH in the country, but one is going live this year.
Collections
• Direct deposit to the account using a reference for identification at any of the
branches.
• Credit to the account via funds transfer.
• For large sums of cash, the cash is usually picked up by an armoured car service (hired
either by the bank or the client) that deposits the money in the bank.
• Direct Debit to a third party´s account who has previously authorized this recurrent
transaction.
B. CITIBANK’S ACCOUNT SERVICES SOLUTIONS IN EL SALVADOR
Types of accounts permitted in USD
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•
•
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Demand deposit accounts (Interest and Non Interest Bearing Sight Deposits)
Savings accounts
Time deposits
Smart Account Structures
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CITI SOLUTIONS & SERVICES
Resident & Non-Resident USD
• Minimum Balance Requirement DDA: $300.00 USD
• Minimum Balance Requirement Savings: $300.00 USD
• Overdraft Facility: Available subject to approval.
• Interest Rate: varies with balance
Documentation to open accounts with Citibank El Salvador will be requested according
to local regulations.
C. CITIBANK’S PAYMENT SOLUTIONS IN EL SALVADOR
Citibank offers payment solutions designed for both local and overseas payments. Companies may select the combination of services needed to meet both their domestic and
international payment requirements.
Due to Banco Cuscatlan´s acquisition, we have two electronic platforms available:
1. Citidirect (Global platform-mostly for corporate ICG customers) and
2. Netbanking Java (Regional platform for companies).
Paylink
It allows the initiation and approval of payments through the electronic banking platform.
Citi, following the client’s instructions, issues and delivers management checks to the
client’s suppliers.
Other forms of payment are book to book, interbank transfers and cross-border transfers from local accounts using CitiDirect®.
Tax Payments
Internet-based tax payments through Citidirect and Netbanking Java .
Payroll
Automatic credits to accounts of employees via CitiDirect® and Netbanking Java.
Cross Border Transfers
Issuance of cross borders transfers from its local account through CitiDirect® or Netbanking Java.
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WorldLink® Multicurrency Payment Services
Issuance from DDA NY of cross-border electronic and check payments without the need
to maintain foreign currency accounts.
Citibank Mass Payments
Using CitiDirect® the client can set up mass payments solutions.
D. CITIBANK’S COLLECTIONS SOLUTIONS IN EL SALVADOR
Citibank El Salvador currently offers SpeedCollect, which allows customers to deposit
through approximately 200 points of the network extension with Banco Citibank de El
Salvador and Banco Agricola. Other services offered are Pick Up Services, Collections and
Account Deposits.
Colecturía
Passive collection system based on the usage of local network. The Citi client issues a barcoded bill with information about the payment and the collection invoices. The client’s
customer presents the bill at the agency of his choice and makes the payment which is
immediately registered in the electronic network.
Checks
Citi’s clients can use the branch network for check deposits although there is a compensation time when funds will become available, usually t+2 for local checks and t+21 for international checks
Incoming Funds Transfers
Local accounts can be credited through the receipt of transfer payments from abroad. A
special form must be filled out by the customer as per local regulation, previous to crediting the account.
Direct Debit
Citi El Salvador allows direct debit of preauthorized transactions through Netbanking Java.
Pick-up Service
Pick-up service of Corporate customers funds, transported directly from the client’s premises on to its bank account in Banco Citi. Banco Citi has a third party agreement signed the
pick up service company in order to deliver the service.
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CITI SOLUTIONS & SERVICES
E. DELIVERY SYSTEMS
• CitiDirect On Line Banking
• Net Banking Regional
Cross-Border Delivery Systems
SWIFT
Local Address: CITISVS1
CitiDirect® Online Banking
CitiDirect Online Banking is the primary platform utilized by Global clients to manage
both local and global cash management products and services, providing a direct
window into Citi’s global platform for cross-border payments.
Netbanking Java
Netbanking Java is the primary platform utilized by Local clients to manage both local
and regional cash management products and services.
F. TRADE PRODUCTS AND SERVICES
Trade Services
In an international trade transaction involving goods or services, the buyer and the
seller negotiate details about the method and timing of both payments and delivery.
These negotiations require attention to complex details concerning credit arrangements, transaction structuring, legal issues, and political and cross-border risks. Citibank
customers, whether buyers and/or sellers, involved in an international trade transaction
rely on the expertise of a global bank like Citibank for advice and assistance regarding
these complex details.
• Commercial Letters of Credit
A commercial letter of credit is an instrument that states the bank’s obligation
to pay the beneficiary upon presentation of conforming documents evidencing
that goods have been shipped. Citibank only pays the beneficiary if the required
documents presented are in accordance with the terms and conditions of the
letter of credit.
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The same letter of credit can be viewed as either an import or an export
letter of credit, depending on the customer’s role in the trade transaction.
For the applicant (importer or buyer), it is an import letter of credit; for the
beneficiary (exporter or seller), it is an export letter of credit.
• Standby Letters of Credit
Standby Letter of Credit is an instrument that secures the beneficiary against
loss resulting from the failure of the bank’s customer to perform a contractual
obligation, financial or nonfinancial, that the customer has with the beneficiary.
• Documentary Collections (Import and Export)
Documentary collections is a method by which a seller is able to collect payment
from an overseas buyer through an intermediary bank. Banks act as intermediaries in facilitating the flow of the title documents and in the payment of the
transaction.
• Bank Guarantees (Bonds)
A bond is a commitment made by one party (the bank) to another party (the
obligee) pledging to cover for financial loss caused by the act of default of a
third party (the obligor – the bank’s customer). A bond is normally issued to
assure performance of a nonfinancial contractual obligation, e.g. an obligation
to provide goods or services under a contract with another party. Some of the
common types of bonds are:
- Bid bond – an instrument designed to ensure that the tenderer (e.g., supplier) will honor its commitment to a buyer when bidding for a construction
or supply contract. The tenderer submitting a bid requests its bank to issue
a bid bond in favor of the buyer as beneficiary. In the event the tenderer’s
bid is accepted and the tenderer fails to sign the contract, the bid bond is
normally payable against the buyer’s statement that the bank’s customer,
the tenderer, failed to sign the contract.
- Performance bond – issued when the contract has been awarded. It is an
instrument designed to ensure that the contractor (e.g. supplier) will perform and execute the contract in accordance with all its terms and conditions. A performance bond gives the buyer an indication of the
contractor’s creditworthiness and, in the case of default, is payable on
demand.
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CITI SOLUTIONS & SERVICES
Trade Finance
All trade transactions require some form of financing. If the seller allows the buyer time
to pay for purchased goods, the seller must borrow money or finance that period through
available cash. Conversely, if the seller requires cash on delivery, the buyer must cover
the period between payment for the goods and the conversion of the goods into cash
through a subsequent sale.
Trade financing is the process of making available extensions of credit or other financing
to meet the needs of both the importer (buyer) and the exporter (seller).
Trade finance serves a variety of purposes such as:
• Pre-export financing
• Export financing
• Import financing
• Inventory financing
Supply Chain Finance
Buyers and suppliers often have conflicting objectives during commercial terms negotiation, with a common goal being to strengthen their relationship. A suite of products
focused on Working Capital optimization can achieve these objectives
• Citi Supplier Finance
Citi Supplier Finance (CSF) is a transaction structure consisting of:
I. An electronic disbursement service in which Citi acts as a Buyer’s paying agent.
II. A separate receivables purchase service that enables the early financing of the
payment beneficiaries.
Process:
I. Buyers inform Citi of approved Payments, via a manual file upload or electronic
straight through processing. CSF presents these Payments (and underlying
remittance information such as Invoices or Purchase Orders) to the Suppliers,
who now have visibility to future Payments
II. Suppliers may choose to elect early payment on all or some of these Payments,
or simply be paid at normal maturity – always into their existing bank account.
Citi will typically purchase the receivable from the supplier in return for the early
payment.
III. Buyers fund a Citi account at the normal maturity of the underlying Invoices
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• Receivables Finance
Citi has got the primary relationship with the Seller whose Accounts Receivable (AR)
will be the underlying instrument for a entering into an agreement where the Seller
either assigns the instruments to the Bank or seeks AR financing on a individual or
programmatic basis.
The main benefits for Sponsor through a Seller Centric Solution are:
- Accelerate the conversion cycle of its outstanding AR
- Could offer its buyers the ability to sell more and/or increase their payment terms
- Seeks to bundle AR financing and collections
Export and Credit Agency Finance
Agency Financing can be used to satisfy a multitude of client financing needs through a
variety of structures. EAF transactors can help identify which Agency and structure is
most relevant for our client.
Relationships with Agencies and clients are managed through our regional offices to
deliver our global capabilities to Agencies and clients.
Citi’s “value added” includes coordinating the deal due diligence, facilitating documentation and acting as a lender, global coordinator, facility agent, security trustee, etc.
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CONTACT INFORMATION
Industry Sector Heads
Carolina Juan
Treasury and Trade Solutions Client Sales Management
Latin America & Mexico Head
Citi Transaction Services
Email: [email protected]
Cel: + 57 (316) 743 - 9347
Of. Phone: +57 (1) 639 - 4026
Industrials Sector
Ines Vargas Barrera
Email: [email protected]
Cel: +52 (181) 8366 - 5190
Of. Phone: +52 (81) 1226 - 8525
Central America
Evelin Madrid
Email: [email protected]
Cel: + 506 8701 - 4529
Of. Phone: +506 2588 - 7541
Based: San Jose, Costa Rica
Branding, Consumer and Healthcare Sector
Oscar Mazza
Email: [email protected]
Cel: +1 (305) 588 - 9396
Of. Phone: +1 (305) 347 - 1336
Mexico
Miguel Ytuarte
Email: [email protected]
Cel: +52 (1) 55 4088 - 2284
Of. Phone: +5255 (1226) 8895
Based: Mexico DF, Mexico
Technology, Media and Telecom Sector
Gabriel Kirestian
Email: [email protected]
Cel: +54 (911) 3301 - 4826
Of. Phone: +54 (11) 4329 - 1516
Energy, Power and Chemicals Sector
Peter Langshaw
Email: [email protected]
Cel: +55 (11) 6183 - 6958
Of. Phone: +55 (11) 6183 - 6958
Public Sector
Jorg Paasche
Email: [email protected]
Cel: +52 (1) 55 5453 - 0103
Of. Phone: +52 (55) 2226 - 6020
Based: Mexico DF, Mexico
Non Bank FI Sector (NFBI)
Ricardo Dessy
Email: [email protected]
Cel: +54 (911) 6641 - 9752
Of. Phone: +54 (11) 4329 - 1471
Based: Buenos Aires, Argentina
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Brazil
Adoniro Cestari
Email: [email protected]
Cel: +55 (11) 7130 - 9447
Of. Phone: +55 (11) 4009 - 7838
Based: Sao Paulo, Brazil
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Sales Heads
Andean Region
Carolina Juan
Email: [email protected]
Cel: + 57 (316) 743 - 9347
Of. Phone: +57 (1) 639 - 4026
Based: Bogota, Colombia
Argentina
Adrian Scosceira
Email: [email protected]
Cel: +54 (911) 5674 - 6966
Of. Phone: +54 (11) 4329 - 1194
Based: Buenos Aires, Argentina
Citi Transaction Services
www.transactionservices.citi.com
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