Central Reserve Bank of El Salvador: Best Central Reserve Bank Central America 2023
Founded in 1934, the Central Reserve Bank (BCR) of El Salvador is responsible for maintaining a stable currency and contributing to the stability of the national economy. BCR El Salvador is a public, autonomous and technical institution that has achieved significant success creating direct connections with the people of El Salvador. It introduced transfer systems that have enabled round-the-clock access and facilitated millions in financial savings. It has also developed a new payments system that has unlocked remarkable cost reductions for clients. BCR El Salvador has invested considerable resources to continuously improve its operations. That includes millions in investment to upgrade the bank’s tech infrastructure and digital capacities. The bank runs an import and export procedures centre as the state’s single window for foreign trade. It has partnered with third-party operators to cut the processing time of import-export transactions from a month to a day. The bank conducts international reserve management as well as regulation and monitoring of the financial system. It takes pride in having recently acquired certification by the Spanish authority for quality audit processes. BCR El Salvador offers a range of economic and financial research products, including statistics. It funds technical and university scholarships, pays for economics students to study abroad and organises research competitions for undergraduate students. It also supports financial inclusion and education programmes. The CFI.co judging panel presents the Central Reserve Bank of El Salvador with the 2023 Best Central Reserve Bank (Central America) award.
