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Central Bank estimates for this year the biggest economic contraction since 1982

(QCOSTARICA) The Banco Central de Costa Rica (BCCR) - Central Bank - published on Thursday afternoon, July 30, the revision of the country's economic projections and now estimates a stronger drop in production, in 2020, than had been announced in April. The entity foresees a...

The new Costa Rica banknotes

(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) will put into circulation a new denomination of banknotes similar to the material used in the ¢1.000 notes currently in circulation. The new notes are made of a polymer substrate, a compound similar to plastic, but...

Central Bank defines maximum interest rate for credit cards

(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) published early Friday morning the maximum interest rates for credit operations in colones, dollars, and other currencies, in accordance with the new Ley de Usura - usury law - now in effect. Through a press release,...

Dollar Exchange Drops Below ¢570

The "yo-yo" dollar exchange today, Wednesday, April 15, is at a low of ¢564.13 for the buy and ¢569.29, after reaching a high of ¢579.50 for the buy and ¢587.37 on March 31, rebounding from a low of ¢560.66 for the buy and ¢570.33...

U.S. Dollar exchange rose ¢10.50 in last four sessions

The average price of the U.S. dollar in the Monex market, where amounts greater than $1,000 are traded, rose ¢10.50 in the last four sessions, going from ¢568.06, on Wednesday, March 18, to ¢578.64, this Tuesday, March 24. The Banco Central (Central Bank) decided to...

Greater Stability in Dollar Exchange Expected

During 2019, the price of the dollar in Costa Rica registered multiple fluctuations; however, for this 2020, such abrupt variations are not expected, as the Banco Central de Costa Rica (BCCR) - Central Bank - starts the year with reserves close to US$9 billion. Data...

Costa Rica Reduces Rates Again

For the seventh time this year, the Banco Central de Costa Rica (Central Bank) decided to reduce the monetary rates as a measure to stimulate economic activity, this time from 3.25% to 2.75%. With this adjustment, the Tasa de Política Monetaria (TPM) - Monetary Policy...

Do not be alarmed by the exchange rate

During the last week, there have been important movements in the exchange operations of the Non-Banking Public Sector (SPNB), which has raised the concerns of Costa Ricans about the possible effects that this could have on the exchange rate. Experts agree that the purchases made...

Intervention in the Foreign Exchange Market

With the aim of cushioning the fall in the price of the U.S. dollar exchange, which between November 5 and 25 was reduced in ¢18,35, in just two days the Banco Central (Central Bank) intervened buying more than US$30 million. Of the US$41.5 million negotiated...

Brakes to Monetary Policy Rate Reduction

After lowering the rate six times between January and October of this year, in its last review the Banco Central de Costa Rica (BCCR) - Central Bank - decided to maintain it at 3.25%, because the inflationary rate registers a significant slowdown. The last reduction...

U.S. Dollar Exchange Falls ¢16

Official figures from the Banco Central de Costa Rica (BCCR) - Central Bank  - show a downward trend in the dollar exchange in recent weeks, due to the growing supply of dollars in the local market, which is explained in part by the revenue...

Do you need to buy dollars? Exchange rate has fallen since November 5

The end of November could be a likely good time to buy dollars, specifically if you take into account the value of the currency since the beginning of the month. The price of the U.S. dollar in the Foreign Currency Market (Monex) registered a decline...

Costa Rica’s economic activity shows rebound

Costa Rica's economic activity shows a rebound in the last three months, according to the last series of the Indice mensual de actividad económica (IMAE) -  Monthly economic activity index - published, Monday (November 11) by the Banco Central (Central Bank). The Central Bank says...

Costa Rica on roadshow for crucial bond issue

Latin American bond market participants said they thought Costa Rica’s proposed US$1.5 billion dollar cross-border issue would find strong demand as the country announced a roadshow amid friendly market conditions on Tuesday. Global Capital reports Citi and HSBC will take B1/B+/B+ rated Costa Rica to...

Costa Rica Lowers Interest Rates

The Basic Passive Rate decreased from 5.65% to 5.50%, while the Effective Rate in Dollars also decreased, from 2.52% to 2.33%. The Banco Central de Costa Rica (Central Bank) published on Thursday the rates that will be in effect for the coming week. The Basic Passive...

Will the dollar exchange rate be volatile at the end of the year?

If you have been following the dollar exchange rate, you will have noticed a sharp increase in the last couple of days. Eurobonds, government loan and the aguinaldo (annual bonus) would influence could make the exchange volatile at the end of the year, depending...

Effective Rate in Dollars Keeps Rising

While the Tasa Básica Pasiva (Basic Passive Rate) remained at 5.65% for the second week, the Effective Rate in Dollars reported a new increase, in this case from 2.49% to 2.52%. The Banco Central (Central Bank of Costa Rica) said Thursday published the new Basic...

Basic Passive Rate Falls to 5.55%

In Costa Rica, the Basic Passive Rate fell to 5.55%, a level not reported since May 2016, and the Effective Rate in Dollars fell from 2.42% to 2.37%. The Banco Central de Costa Rica (Central Bank) published on October 16, 2019, that after not having...

Costa Rica’s Monetary Policy Rate Falls Again

A “high uncertainty” in the global economy, associated to the tensions between the U.S. and China, together with the slow growth of production in Costa Rica caused the Central Bank of Costa Rica (BCCR) to reduce, for the fifth consecutive time this year, its...

Slight Improvement in Economic Activity in Costa Rica

After registering a 1.3% year-on-year variation in June, the Indice Mensual de Actividad Economica (IMAE) - Monthly Economic Activity Index - in July reached 1.5%, which is mainly explained by the performance of the special regimes manufacturing sector. After the first seven months of the...

Dollar Exchange Increases

After the dollar exchange rate closed on August 23 at ¢565.88 per U.S. dollar in the MONEX wholesale market, an upward trend has been reported since then, the bigged changes occurring in the past several days, reaching ¢581.33 on Friday. Figures from the Banco Central...

Costa Rica’s Central Bank Slows Down Monetary Policy Rate

Among the arguments of the Banco Central de Costa Rica (BCCR ) - the Central Bank - it is worth highlighting that the international interest rates are adjusted downward. From the BCCR statement: The Board of Directors of the Central Bank of Costa Rica (BCCR), in...

Uncertainty Persists in Costa Rica, Even With Tax Reform

In Costa Rica, the Banco Central (Central Bank) predicted that confidence would again prevail among businessmen and consumers once the tax reform was approved, but that has not been the case. In December 2018, after a year of Legislative debates and after being reviewed by...

“It’s one of slowdown, not a recession,” says Central Bank President

We are not in a recession and a contraction of the economy is not expected either, was the message on Monday by Rodrigo Cubero, president of the Banco Central de Costa Rica (BCCR) - Central Bank, when presenting the updated macroeconomic forecasts for 2019...

Concern Over Decline Of Dollar Exchange

Exports and tourism operators in Costa Rica have expressed concern over the decreasing trend in the dollar exchange, which as of this morning (July 23) is ¢569.91 for the buy and ¢576.82 for sell for one US dollar, a drop from ¢581.72 and ¢588.06,...

Basic Passive Rate Reaches 2015 Levels

Because savers in Costa Rica have moved their money to longer terms, to avoid an increase in income tax, the Basic Passive Rate rose to 6.65%, a level not recorded since August 2015. According to data published by the Banco Central de Costa Rica (BCCR)...

Basic Rate Keeps Going Up

The basic interest rate (Tasa básica pasiva) increased to 6.55%, a level that had not been recorded for four years, while the effective interest rate (Tasa efectiva dólares - TED) in U.S. dollars also increased, in this case to 3.14%. According to data published by...

Nicaragua: Inflation Keeps Accelerating

In May, the Banco Central de Nicaragua (BCN) reports the CPI rose 6%, reinforcing the upward trend that has been reported since February. AFP/Getty Images In February, the indicator stood at 3.3%, in March it was 5.1% and in April, 5.8%. The May figure reinforces the...

Central Bank lowers the minimum legal reserve to stimulate economy

The Banco Central de Costa Rica (BCCR) - Central Bank - announced on Monday a reduction in the legal minimum reserve for banks in order to stimulate the loans in colones in the country. The decision will reduce from 15% to 12% the percentage that...

Dollar exchange reaches lowest for the year

Today, the dollar exchange set by the Banco Central (BCCR) is at ¢586.70 for the buy and ¢592.66 for the sell, the lowest in 2019 and a rate that was not seen since last October. Seasonal effects such as the high season of tourism, which...

Dollar Tanks, Drops ¢19 This Week

Are We Being Played? The average price of the dollar in the wholesale market dropped ¢19.5 colones this week, while the Central Bank (Banco Central) reserves also continued to fall. The drop in the price of the dollar was influenced by a greater supply of...

Dollar Crosses ¢600 Barrier

The dollar exchange  continued its rise this Friday, October 26, reaching above the ¢600 barrier, with the Banco Central (Central Bank) setting the sell rate for today at ¢601.40. The buy rate is ¢594.51. State and private banks were quick to respond. The rate at the Banco...

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