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0 pointshailwren3y ago0 comments

> But El Salvador is not Argentina though. El Salvador had never been affected by unstable currencies or unfavorable exchange rates set by their governments.

You're conflating two things. Inflation has little do with how well a remittance system functions. You wouldn't say that Western Union's system functions better or worse because of the currency it is denominated in.

> so it seems to me that they were trying to solve a problem that existed in their countries, but not in El Salvador.

While not inflation, El Salvador doesn't have a great history of fiduciary responsibility either. [1] 1 - https://en.wikipedia.org/wiki/History_of_El_Salvador#Corrupt...

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el-salvador3y ago

> Western Union's system functions better or worse because of the currency it is denominated in.

When funds are sent on the same currency there is no exchange rate markup on the Western Union transaction, so it's cheaper.

> El Salvador doesn't have a great history of fiduciary responsibility either.

The judicial system was able to sentence former ex-president. In Saca's case all his assets and companies were seized by the National Commission of Property Administration. Unfortunately Funes was able to leave before being sentenced, and obtained nationality in another country to prevent extradition.