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Nicaragua’s economy is growing, but the poor may be falling behind

Nicaragua’s economy is growing, but the poor may be falling behind

TODAY NICARAGUA – The International Monetary Fund (IMF)’s recent assessment of Nicaragua reinforces the narrative that the country has made tremendous strides in fighting poverty, but many experts stress the importance of staying vigilant against the country’s still deep inequalities and precarious economy. The routine assessment of Nicaragua’s economy was conducted by a group led by the […]

Costa Rica Should Move Towards De-dollarization of the Economy, Central Bank President

Costa Rica Should Move Towards De-dollarization of the Economy, Central Bank President

QCOSTARICA – The president of the Central Bank of Costa Rica (Banco Central de Costa Rica – BCCR), Olivier Castro considers it a priority goal to de-dollarize the economy. Castro this week at a press conference expressed concern about the dollarization of credit of those who receive their income in colones, as this creates instability […]

New “Centre For Automotive Justice” Promises To Resolve Conflicts In Vehicle Purchases

New “Centre For Automotive Justice” Promises To Resolve Conflicts In Vehicle Purchases

(QCOSTARICA) Buyers of cars in Costa Rica have an ally when things go wrong. The association of vehicle importers – Asociación de Importadores de Vehículos y Maquinaria (AIVEMA) – announced the opening of a conflict resolution centre – the first in Latin America, designed to settle disputes between car buyers and dealers. The “centro de […]

Costa Rica Exports Fall and Rise

Costa Rica Exports Fall and Rise

(QCOSTARICA) The exit of Intel manufacturing operations in Costa Rica caused a dramatic fall in the exports from free trade zones in the last year.  However, discounting the electronics components sector, imports actually rose 12.7% in the same time period. The total exports from free trade zones went from ¢2.8 billion colones to ¢1.8 billion […]

Comptroller General Says The Government Is Like A family Earning ¢100 But Spending ¢171

Comptroller General Says The Government Is Like A family Earning ¢100 But Spending ¢171

(QCOSTARICA) In simple terms, Comptroller General (Contralora General), Marta Acosta, explained that the economy  of government of Costa Rica is like that of a family that monthly takes in ¢100 colones and spends ¢171. “It is a family that spends ¢58 on food, rent, bills, but also spend ¢63 to help the married children and […]

Costa Rica Sees ‘Intel Effect’ Ending as GDP Poised for Pickup

Costa Rica Sees ‘Intel Effect’ Ending as GDP Poised for Pickup

(QCOSTARICA Via Bloomberg) — Costa Rica should see accelerating economic growth in the second half after the country struggled to recover from Intel’s closing of export facilities last year, Central Bank (Banco Central) President Olivier Castro said. The US$50 billion economy is rebounding from bad weather that hit crop production and the closing of manufacturing […]

Another Blow To Costa Rica’s Credit Standing

Another Blow To Costa Rica’s Credit Standing

(QCOSTARICA) JP Morgan Chase, the largest bank in the United States, is advising its investors hold less Costa Rica bonds in their portfolios due to the high risk. In its report of each country, the JP Morgan EMBI Global Index downgraded Costa Rica bonds from marketweight to underweight. According to Douglas Montero, international markets analysts, […]

Costa Rica Foreign Direct Investment Falls 21%

QCOSTARICA – The slowdown in economic activity in 2014 was also reflected in the decline in foreign direct investment, which reached $2.106 billion, 21% less than in 2013. From a report issued by the Central Bank of Costa Rica (BCCR): In 2014, operations with the external sector showed an imbalance in the current account equivalent […]

Costa Rica Economy Slows Dow Due to Less Domestic Demand

Costa Rica Economy Slows Dow Due to Less Domestic Demand

QCOSTARICA – The Central Bank (Banco Central de Costa Rica)  has confirmed the decline in domestic demand mainly in agriculture, trade, hotels and restaurants, and transport and storage. From a statement issued by the Central Bank of Costa Rica (BCCR): The country’s economic activity, measured by the cycle trend of the Monthly Index of Economic […]

Government Planning ¢61 Billion Cut

Government Planning ¢61 Billion Cut

QCOSTARICA – Finance Minister Helio Fallas announced this week that the government plans to make ¢61 billion colones in spending cuts to the budget it will submit to the Legislature in the comin days. In November, the Solis Administration maneuvered through with legislative slight of hand a record regular budget for 2015. The announcement of […]

Costa Rica Central Bank Move Likely to Curb Dollar Loans

Costa Rica Central Bank Move Likely to Curb Dollar Loans

COSTA RICA NEWS (Fitch Ratings, Feb. 12) – The move by Costa Rica’s central bank to adopt a managed floating foreign exchange rate regime along with the Superintendence of Financial Entities’ (SUGEF) efforts to curb high dollarization in the banking system are likely to reduce overall foreign currency lending, says Fitch Ratings. The SUGEF’s aim […]

IMF publishes new fiscal transparency assessment for Costa Rica

IMF publishes new fiscal transparency assessment for Costa Rica

Costa Rica is approaching best practice in fiscal reporting and forecasting, according to a new report published by the  International Monetary Fund (IMF). The Fiscal Transparency Assessment (FTA) report notes that, following a number of significant reforms in recent years, the country meets the basic requirements for fiscal risk disclosure under the new IMF’s fiscal […]