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Banking in Nicaragua, prior to 1978, consisted of the Central Bank of Nicaragua and several domestic- and foreign-owned commercial banks.[1] One of the first acts of the Sandinista government in 1979 was to nationalize the country's banking system, in an "attempt to promote community banking and support the rural poor".[1][2]
Foreign banks were allowed to continue their operations but could no longer accept local deposits.[1] Private banks in Nicaragua were by law abolished in the 1980s and cooperatives were considered too politicized and dependent on subsidies.[citation needed] In 1985, a new degree loosened state control of the banking system by allowing the establishment of privately owned local exchange houses.[1]
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