CFN has already purchased $2.3 million in bonuses for retired teachers

The National Financial Corporation (CFN) reported that it normally purchases bonds from retired teachers who seek to cash their papers.

This public entity announced on January 13 that it will acquire original bonds owned by teachers and after two weeks it assures that up to now it has purchased bonds equivalent to $2.3 million, in an inter-institutional effort between the Quito Stock Markets, Guayaquil and the different securities houses nationwide. It emphasizes that it carries out “purchase operations with total normality”.

CFN announced that it will buy bonds from retired teachers, who already denounce high penalties, of up to $14,000, in the securities houses

After the announcement of the acquisition of bonds by the CFN, there were complaints about the collection of commissions by the brokerage houses to the retired teachers who have sought to sell their bonds. Aracely Moreno, president of the Guayas Provincial Coordinator of Retired Teachers of Ecuador Alfonso Yánez Montero, assured then that most houses charge high commission amounts of up to $14,000.

The teachers have bonds issued by the Ministry of Economy and Finance and seek to make them effective, have the money related to their retirement that they were paid with those papers.

The $2.3 million purchased so far in bonds by the CFN are part of the $20 million investment that this development bank will make in the stock market for the acquisition of this type of bond.

These operations are carried out through brokerage houses nationwide, with a rate of return of 6.5%. “In this way, the Government of Ecuador guarantees the well-being of retired teachers who are part of the vulnerable sector of the country,” says the CFN in a public statement. (YO)