Friday 2 December 2022

Chinchilla: No Reason Credit Constraints Should Hurt Families

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2 December 2022 - At The Banks - BCCR

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Doña Laura making her public appearance at the start of the 2013 school year, handing out school supplies to students,
Doña Laura making her public appearance at the start of the 2013 school year, handing out school supplies to students,

Costa Rica’s presidenta Laura Chinchilla said on Thursday that there is no reason why the credit restrictions measures adopted by her government would hurt families and businesses.

The Presidenta made the remarks during the presentation of 1.500 kits to students at the Escuela República de Haití. Chinchilla argued that the credit constraints remain at “reasonable levels” and criticized thosw who oppose the regulations, the same as those who in the past opposed the tax plan and dollar exchange bands.

Chinchilla said that the limits for loans in colones “remain about the same” and a “relatively small decliine” for dollar loans.

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The restrictions are a warning by the Central Bank to be cautious and not take out loans in dollars, according to Presidenta’s explanation of the current financial policy.

In the last couple of days, financial experts, that include bak managers, criticized publicly the government’s restrictions on credit saying it will negatively affect production and jobs.  See story.

Some experts are saying that current credit policy could lead to layoffs in the private sector.

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