It was less risky for the banks to lend in USD than in Salvadoran Colones. So lower interest rates. That was true even when the Salvadoran Colon was stable for

It was less risky for the banks to lend in USD than in Salvadoran Colones. So lower interest rates. That was true even when the Salvadoran Colon was stable for most of its history. It's been very close to 8.75 for the past 30 years.