Greetings to all!
My friend moved to Ecuador for a residence permanent and told about bank deposits. In some banks 8% per annum, and for example in a cooperativos - JEP Cooperariva 8,5%, in a Policía Nacional 9.25%.
I was very surprised by these %, because deposits in dollars USA!
But in the USA, there is no such %.
A friend says that deposits are guaranteed by the state (up to 30.000 USD).
Can you share your opinion on the account of the banking system and the economy of Ecuador as a whole?
Is there any trick/risc here? Should there be any risks once such a high percent on deposits? What are the reasons?
For example, a high risk of State Default or something else.
Best regards.