Saturday, 8 August 2020

Legislators Approve Bill To Discourage “Speculative Capital” To The Country


Costa Rica’s legislators approved Monday a bill that discourages the entry of speculative capital or “golondrina” (in Spanish) to the country.

The bill received in first reading the approval of 36 of the 44 legislators present at session on Monday. Opposing the bill were a number of legislators fo the Movimiento Libertatio (ML) and Partido Liberacion Nacional (PLN) parties.

[one_third]Speculative Capital. The funds earmarked by an investor for the sole purpose of speculation.[/one_third] According to ML legislator, Patricia Perez, the approval of the bill could not be at a “worst” time, discouraging the influx of dollars that is needed to control the exchange rate.

- paying the bills -

Perez added that the bill should be shelved not only because of how it will affect the exchange rate, but also the text of the bill does not define what is speculative capital.

The bill would give the Banco Central de Costa Rica (BCCR) – the Central Bank – the power to issue a declaration of imbalance in the national economy resulting from the influx of that type of capital.

More: Costa Rica Speculative Capital and Currency Controls

For the bill to become law it requires the approval of second and final reading and the signature of president.  The current legislative group ends its term on May 1. Presidenta Laura Chinchilla’s term expires on May 8.

- paying the bills -
- paying the bills -
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Coronavirus: 18 deaths associated with COVID-19 in 24 hours

(QCOSTARICA) As the closure phase approaches for the orange areas of...

Yes, it was possible! INS now offers tourists low rate travel insurance

(QCOSTARICA) After a week of criticism from many sectors, State insurer,...


President Alvarado announced 15% pay cut of his cabinet

(QCOSTARICA) President Carlos Alvarado announced Thursday that his has asked his Ministers and executive presidents of public institutions, to join him in a 15%...

The rebellion has begun: Escazu, Santa Ana and Mora evaluate lifting restrictions

(QCOSTARICA) The municipalities of Escazú, Santa Ana, and Mora would allow their businesses to operate without the restrictions established by the government during the...

INS to launch lower-priced insurance for tourists traveling to Costa Rica

(QCOSTARICA) The Instituto Nacional de Seguros (INS) said Saturday it is working on a new insurance policy for travelers, with lower coverage, "which may...

Marchamo is a fair tax and “it makes no sense” to reduce it, says Minister of Finance

(QCOSTARICA) The Marchamo, the vehicular right to circulate, "is a fair burden and it makes no sense to reduce it in the midst of...

Costa Rica tourism promoter reports cancellations due to expensive insurance

(QCOSTARICA) The International Air Transport Association (IATA) and Futuropa, an organization specialized in promoting Costa Rica as a tourist destination in Europe, warn that...

Why the number of recovered is so important

Rico's COVID-19 - On Tuesday, the Minister of Health, Daniel Salas, reported a record 1,901 people recovered from Covid-19, ending the unanswered questions of...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.