The cooperatives rural areas are prepared to be regulated and achieve a greater reach of their products and services with the aim of expanding the economic growth of their partners, stated yesterday the executive director of the Association of Rural Savings and Credit Institutions (Airac)Jose Rodriguez.
He explained during a meeting with the press that the sector has the economic capacity to face the costs by regularizationbut considers it opportune that the actor that governs them is the central bank and not another entity that handles statutes of commercial entities.
“Cooperatives must be regulated”, but with criteria about their function and characteristics for which they were created, said the executive.
He assured that it is not necessary to create new regulations, but to update the current law to include the actors that will act as rectors of the cooperative sector. For this they hope that central bank take up the issue again with the Monetary Board.
In June 2018, the governor of the Central Bank, Héctor Valdez Albizu, met for the second time with the executives of Airac and the National Federation of Savings and Credit Cooperatives and related companies, to seek alternatives that allow the inclusion of cooperatives that carry out financial intermediation to the regulation and supervision regime established in the Monetary and Financial Law No. 183-02 of November 21, 2002.
Active by 2022
By the end of this 2022, the active of the cooperativesspecialized in offering savings and credit services, which are part of the association, are superior to the 117,156 millions pesos, which represents two thirds of the country’s cooperative sector.
The entity presented its sectoral and performance balance in which it highlighted that the total of associates It amounts to 1,137,000which reflects the consistency of this financial sector that performs to a greater extent in rural areas, where access to traditional banking is less.
