Central Bank president: 'The instability of the exchange rate is something that nobody wants in this country'
Central Bank president, Olivier Castro: ‘The instability of the exchange rate is something that nobody wants in this country’

QCOSTARICA – Costa Rica’s Central Bank (Banco Central de Costa Rica – BCCR) gave the 2014 economy a passing grade, according to Olivier Castro, president of the bank. The report was given in a press conference.

Among Central projections are the percentage of cumulative inflation to December measured by the Consumer Price Index (CPI) – Índice de Precios al Consumidor (IPC) in Spanish, which they hope will end the year between 4.9% and 5.1%. These figures would meet the bank’s goal of achieving a CPI between 3% and 5%.

Castro stated that the bank had projected a growth rate of 3.5% in Costa Rica’s Gross National Product, and the performance was in line with the mid year revised estimates posted in June.

Castro blamed the low growth rate on the reductions made by Intel and the generally slow international economy. Despite the low growth rate, inflation will close the year at between 4.9% and 5.1%.  The Bank predicts that the exchange rate will remain stable, with no outside influences foreseen.