The proposal put forth by ruling party candidate Rixi Moncada, aiming to eliminate the Credit Bureau, sparked considerable opposition across various societal sectors, directly contributing to a decline in her electoral support. This initiative, championed during the LIBRE campaign, intended to streamline immediate credit access, based on the argument that the institution “oppresses the most vulnerable sectors.”
Reactions from Experts and Financial Sectors
Moncada’s proposal faced skepticism from economists and those involved in the financial system. Consultants and analysts warned that executing it might be unfeasible, potentially increasing financial instability and weakening the systems used to assess borrowers’ creditworthiness.
According to one of the specialists consulted, “the proposal was interpreted as _*populist and technically unsustainable*_. It generated concern among banks, cooperatives, investors, and citizens who understood that it could trigger financial chaos.”
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Business leaders and financial associations characterized the proposal as _bizarre_ and out of touch with the nation’s economic realities. They emphasized that its implementation could lead to increased delinquency, restrict access to financing, and undermine the stability of the banking system.
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Impact on voter perception
The implications of this proposal were quickly reflected in polls and opinion surveys. Rixi Moncada saw a steady decline in voting intentions, particularly among urban and middle-class groups, who emphasize economic stability, credit access, and job security.
The public’s disapproval highlighted a clear trend: voters refrained from supporting proposals that could endanger the financial system’s stability. Analysts argue that this specific element of the LIBRE campaign was a crucial factor in explaining the candidate’s loss.
Implications for governance and institutions
Beyond its electoral ramifications, the debate over the proposed removal of the Credit Bureau underscores the underlying tensions related to financial institutions in Honduras, as well as the complex interplay between political initiatives and economic stability. This issue has sparked a wider discussion about the state’s ability to maintain credit control systems without compromising financial inclusion—a particularly delicate issue affecting both governance and investor confidence.
The experience further underscores the challenges radical economic initiatives face when they do not align with technical assessments or are inadequately communicated to the public. In this specific case, the combination of expert opposition and urban voter disapproval was crucial.
Current challenges and tensions
The defeat experienced by Moncada underscores the essential watchfulness of citizens regarding actions affecting the country’s economic safety. Honduras is now faced with the necessity of creating a strong institutional infrastructure, where the stability of the banking system and financial inclusion can coexist harmoniously without posing systemic threats.
Political parties must carefully evaluate proposals with high economic impact before presenting them to the electorate, recognizing the importance of institutional credibility, specialized technical opinion, and citizen perception in governance and social cohesion.
