Fogafin increased its insurance coverage to $ 50 million | National

" Fogafin is the entity that protects the deposits we have in the Colombian financial system by the payment of an amount of $ 50 million per person in the event of liquidation of an entity. This protection generates confidence in the financial system, "said Mauricio Cárdenas, Minister of Finance.

The portfolio manager added that Fogafin guarantees the protection of deposits in the financial system of 99.5% of savers. ] The minister pointed out that the reserve that Fogafin has to bear for the payment of deposit insurance has made significant progress, since it has gone from $ 6 billion in 2012 to $ 16.6 billion.

Moreover, these reserves are diversified, 85% in foreign exchange and 15% in Colombian pesos, to hedge against the effects of a possible financial crisis.

19659004] The balance sheet also mentions that Fogafin has reduced the period for the payment of deposit insurance.Two years ago, these procedures took between 21 and 25 days, while now it takes seven days.

Finally, David Salamanca, di Rector of the entity, announced that currently Fogafin can offer fast coverage in 98% of crisis scenarios, placing the country at the forefront of deposit insurance worldwide.

"A deposit insurance works if it allows citizens to continue the normal development of their daily activities such as grocery shopping or taking their means of transportation," he concluded.

Finally, Minister Cárdenas emphasized that Fogafin is in line with international standards and best practices. "It's a big entity that gives us confidence to make the financial system work," he said.