The National Finance Corporation (CFN) has already arranged $20 million to buy bonds for retired teachers issued by the Ministry of Economy and Finance.
This entity reported that on March 3rd it completed an investment of the stated amount, which included more than 400 operations and that it came about “as a result of the Government’s support to this vulnerable segment.”
CFN has already bought $2.3 million in bonuses for retired teachers
He also indicated that operations were carried out normally and transparently through the exchanges in Guayaquil and Quito and that with this participation CFN also supports the stock exchange in the country, he said in a statement released this Sunday, March 5.
The financial corporation announced on January 13 that it would assume the original bonds owned by the teachers, so this process took less than two months.
CFN has announced that it will buy bonds from retired teachers, who are already facing hefty fines, up to $14,000, from securities houses.
These operations were conducted through brokerage houses across the country, with a return rate of 6.5%.
After the announcement of the bond acquisition by CFN, there were complaints about commissions charged by brokerage houses to retired teachers who wanted to sell their bonds. Aracely Moreno, president of the provincial coordinator of retired teachers of Ecuador Guayas Alfonso Yánez Montero, assured then that most houses want to charge high amounts of commission up to 14,000 dollars.
Source: Eluniverso
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