Tuesday 28 June 2022

Costa Rica Should Move Towards De-dollarization of the Economy, Central Bank President

Paying the bills

Latest

Pandemic generated the loss of 25 million jobs in Latin America

Q24N (EFE) The covid-19 pandemic generated the loss of...

What you should know about the visa to enter Europe from 2023

Q TRAVEL - Citizens of at least 60 countries...

Costa Rica presents its national tourism plan

QCOSTARICA - With three major objectives for the growth...

Most institutions in Costa Rica do not have cybersecurity personnel

QCOSTARICA - Most public institutions in Costa Rica do...

How to throw the perfect party for your friends: tips from Royal Craft Wood

Whether you're celebrating a birthday, anniversary, or just getting...

Luis Guillermo Solís: “Nicaragua should have been expelled from SICA”

Q REPORTS (Confidencial) Eight former Costa Rican presidents –...

A million people attended the Diversity March In San Jose

QCOSTARICA - Organizers of the 'Pride Costa Rica' calculate...

Dollar Exchange

¢685.75 Buy

¢693.59 small> Sell

28 June 2022 - At The Banks - BCCR

Paying the bills

Share

Photo Shutterstock/La República
Photo Shutterstock/La República

QCOSTARICA – The president of the Central Bank of Costa Rica (Banco Central de Costa Rica – BCCR), Olivier Castro considers it a priority goal to de-dollarize the economy.

Castro this week at a press conference expressed concern about the dollarization of credit of those who receive their income in colones, as this creates instability in payment.

Castro said there are efforts that should be implemented to strengthen the colon. At present, the Central Bank has no legal tools to control transactions in dollars and is exposed to foreign exchange risks.

- Advertisement -

Castro said BCCR is working on a bill aimed at having the tools to control the movements in dollars in the country, a situation that already occurring in the past but it did not push it through.

This initiative is development and is scheduled for completion within three months. The Ministry of Finance (Ministerio de Hacienda) supports the BCCR proposal.

In a report by La Republica, it says that those looking for a loan this year would get faster approval in colones than in dollars. This is due to the high liquidity of colones, interest rates are dropping and there are no restrictions on the growth of credit in the colon.

In 2016, loans in colones are expected to grow 11%, while only 6.5% in dollars, according to the Central Bank Monetary Plan (Plan Monetario del Banco Central).

In 2015, the Central Bank reports growth of loans in colones was 9.2%, and dollars  4.1%.

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"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

Exchange rate reaches a new high of ¢694.43 in the wholesale market

QCOSTARICA - Despite an injection of US$32.1 million from the Banco...

Dollar exchange rose ¢40 in the last quarter

QCOSTARICA - The U.S. dollar with respect to the colon rose...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.