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$1.3 billion takes flight from Nicaraguan banks

Wednesday, December 26, 2018


Since April when the Nicaraguan socio-economic crisis erupted, and up to the end of November, $1.3 billion in funds was withdrawn from the nation's banks, and many economists say that matters will only get worse unless president Daniel Ortega yields to opposition demands for an end to political repression and free elections.

Analysts point to December 20 as a key date. Then it was that Donald Trump passed the "Nica Act", which generated considerable uncertainty, above all in the economy.

The Nica Act aims to punish regime figures who are accused of corruption and human rights violations, but it also blocks the regime's access to overseas funds.