Tuesday, 11 August 2020

Central Bank President: “We Must De-Dollarize The Economy”

The Banco Central de Costa Rica (BCCR)
The Banco Central de Costa Rica (BCCR)

QCOSTARICA – The president of the Central Bank (Banco Central de Costa Rica – BCCR) assures the transition from a floating band exchange rate to a managed float was possible to the strength of the country’s economy.

Over the weekend the Central Bank ‘formalized’ the change in the exchange rate policy that took effect yesterday morning. However, “the economy must be “de-dollarized” (Esta economía hay que desdolarizarla, in Spanish), said Olivier Castro on Monday.

Speaking on the radio program, Nuestra Voz the Central Bank president said people will hardly feel any sharp change in the dollar exchange since the managed float has in place for past year with the Central Bank’s intervention policies of when there are too many or too few dollars in the market to prevent rise and falls.

- paying the bills -

Castro said that with the change (formalizing the managed float) the Central Bank wants to send a message that the country has to “de-dollarize the national economy”.

A measure that the Central Bank can apply is a special charge to commercial banks on their dollar loans, and greater controls on those transactions.

Castro said that the biggest economic concern for the Cental Bank is the country’s economic growth, projecting 3.4% growth for this year and 4.1% for next year and that the fiscal decifit.

- 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

Experts to talk about monopolies and oligopolies in Costa Rica

(QCOSTARICA) The Organization for Economic Cooperation and Development (OECD) drew the...

Putin says Russia has approved ‘world first’ Covid-19 vaccine

Russian President Vladimir Putin announced the approval of a coronavirus vaccine...


Government yields to pressure from taxi drivers

Threatened by a strike by taxi drivers, the government of Carlos Alvarado gives in to the pressure and puts plans for legalize Uber and...

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

(QCOSTARICA) As the closure phase approaches for the orange areas of the country, mainly the Greater Metropolitan Area (GAM), the pressure for more flexible...

Have you already bought your Mother’s Day gift? Buy it this week!

(QCOSTARICA) Mother's Day is fast coming up, the "mother" of all holidays in Costa Rica, that is on August 15. This year, like just...

Era Of US Domination Of Latin America Is Coming To An End – OpEd

(Eurasiareview) Despite its failings at home, the United States intervenes in countries across multiple continents seeking to control their governments and resources. This week, we...

New Sixaola binational bridge works advancing

(QCOSTARICA) Work on the Sixaola binational bridge, that will connect Costa Rica with Panama over the Sixaola River, is advancing with the completion of...

Jair Bolsonaro Is Pushing Brazil’s Democracy To Its Breaking Point

Twenty months into the presidency of Jair Bolsonaro, Brazil is on the brink of a democratic disaster. More than 100,000 Brazilians have died of COVID-19,...

Let's Keep This Going!

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

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.