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Directory of Insurers in El Salvador
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List of Insurance Providers In El Salvador
Economic Context in El Salvador
Compared to other developing countries, El Salvador has experienced relatively low rates of GDP growth. Rates have not risen above the low single digits in nearly two decades, part of a broader environment of macroeconomic instability which the integration of the US dollar has done little to improve.
One problem that the Salvadoran economy faces is the inequality in the distribution of income. In 2011, El Salvador had a Gini Coefficient of .485, which, although similar to that of the United States, leaves 37.8% of the population below the poverty line due to lower aggregate income. The richest 10% of the population receives approximately 15 times the income of the poorest 40%.
As of November 3, 2014, the IMF reported official reserve assets to be $3.192 billion.
Adoption of the U.S. Dollar
Having this hard currency buffer to work with, the Salvadoran Government undertook a monetary integration plan beginning January 1, 2001, by which the U.S. dollar became legal tender alongside the colón, and all formal accounting was undertaken in U.S. dollars. This way, the government has formally limited its possibility of implementing open market monetary policies to influence short-term variables in the economy.
Since 2004, the colón stopped circulating and is now never used in the country for any type of transaction; however, some stores still have prices in both colones and U.S. dollars. In general, people were unhappy with the shift from the colón to the U.S. Dollar because wages remained the same while the price of everything increased. The change to the dollar also precipitated a trend toward lower interest rates in El Salvador, helping many to secure credit in order to buy a house or a car. Over time, displeasure with the change has largely disappeared, though the issue resurfaces as a political tool when elections are on the horizon. (Source: Wikipedia)
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