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Costa Rica Credit Card Debt Up 14%

The number of cards in circulation grew by 13% between January 2017 and the same month in 2018, while the balance of debt on credit cards increased by 14% in the same period. According to a quarterly study on credit and debit cards for 2018,...

How to Save Money Abroad: Thinking Like An Economist

A record number of tourists and business travelers visited another country in 2016, and this year is already on pace to exceed that tally. One thing you definitely need when traveling abroad besides a passport is local currency, such as euros in Europe, yen in...

Banco Central Proposes Change in Method for Calculating Exchange Rate

Q COSTA RICA - Costa Rica's Central Bank (Banco Central de Costa Rica - BCCR) proposes modifying the methodology to more appropriately approximate the average reference exchange rate of all exchange transactions in the economy. The reference exchange rate (buying and selling the dollar) is...

Credit Card Slow Down Though Business Continues To Be Profitable

(QCOSTARICA) The credit card portfolio in the banking sector weakened in the last two years. In April 2013, credit cards grew at a rate of 24%, as compared to only 10.7% in April of this year. The slowdown in economic activity and greater awareness in...

Finance Ministry Wants To Encourage Use of Plastic Money With A Lottery

QCOSTARICA - In order to better collect taxes and tax control on businesses, the Ministry of Finance (Ministry of Finance) has teamed up with the Chamber of Banks and Financial Institutions (Cámara de Bancos e Instituciones Financieras) to promote the use of plastic money...

Panama Banks Must Identify Owners of Corporations

TODAY PANAMA - The Superintendency of Banks has established an obligation for banks to identify the ultimate beneficiaries of corporations that are their clients. From the order published in the Official Newspaper, La Gaceta: "... ARTICLE 1. IDENTIFICATION OF FINAL BENEFICIARY OF CORPORATIONS. For the purposes stated...

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