Monday 29 May 2023

Costa Rica receives US$1.5 billion from bond issue

This strengthens the country's financial armor

Paying the bills

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27 May 2023 - At The Banks - Source: BCCR

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QCOSTARICA – As planned, on Monday, April 3, 2023, entered the accounts of the Central Bank of Costa Rica the US$1.5 billion dollars from the bond placement carried out by the Ministry of Finance in the international market on March 27.

This first $1.5 billion is part of the authorized program for a total of US$5 billion.

These resources are part of the foreign currency deposits of the Ministry of Finance in the Central Bank and have their counterpart in the external assets of the entity, for which reason they will be manifested in an increase in International Reserves, whose balance is estimated to be around US$10.6 billion dollars (13.6% of GDP).

This strengthens the financial armor of the country, necessary to face external shocks. As indicated by the Ministry of Finance, the new resources will be used gradually to meet the Central Government’s obligations in foreign currency, so it is not expected that this influences the Costa Rican exchange market.

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According to the Treasury, the resources will be used gradually and in accordance with the needs in dollars that the country has in the remainder of the year.

“The income of this US$1.5 billion will allow us to improve our cash flow to face the maturities in dollars this year, diversify the sources of financing, depend less on local placements and thereby encourage downward movements in the cost of the interests for the government and also for the Costa Rican population”, said Nogui Acosta, Minister of Finance.

In addition, they will be used to cover internal and external amortization commitments in dollars.

This first $1.5 billion is part of the authorized program for a total of US$5 billion.

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