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Sugef relaxes bank reserves to boost credit

The Superintendencia General de Entidades Financieras (Sugef) - General Superintendency of Financial Institutions - relaxed the rule that requires financial institutions to create reserves to protect themselves in case of deterioration of their loans. The decision was made to "free" resources to financial institutions for...

Dollar Exchange Takes A Dive This Week

The dollar exchange rate dropped almost ¢4 colones in less than a week, as the Colon is now exchanged at less than ¢570 per one US dollar. On Monday, the official dollar exchange reference rate of the Central Bank was ¢566.41 for the sale and...

Costa Rica Credit Card Debt Up 21%

Between April 2016 and April 2017, the balance of credit card debt in Costa Rica grew by 21%, equivalent to 3.7% of GDP, says a study by the Ministry of Economy, Industry and Commerce (MEIC). The MEIC study, through the Directorate of Economic and Market...

Dollar Exchange Hit ¢580 On Tuesday

Q COSTA RICA - The dollar exchange on Tuesday by some banks reached ¢580 colones for the sell. For example, at 7:00pm, the dollar exchange at the private banks, BCT, Davivienda, Improsa and Scotiabank was ¢580 to one US dollar. At the Mercado Valores de...

Bank Lending Slows

QCOSTARICA - Bank lending in Costa Rica has slowed down, falling from a rate of 16% in March 2014 to 8% in the same month this year. According to a report in Elfinancierocr.com,  dollar loans by state banks are showing the biggest decline, after a...

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