Thursday 9 April 2020

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20 changes that the Government applied to help companies and people against the coronavirus

With a clear focus on defending employment and freeing up money so that companies and individuals have a "cash flow" in the coming days, dulled by the uncertainty caused by the coronavirus in the economy, the Government has so far added 20 actions aimed...

Coronavirus: Banks flex repayment of loans and credit cards

Both state (public) and private banks in Costa Rica have announced flex repayment of loans and credit card debt, a reduction in interest rates and other measures to help customers get through the coronavirus covid-19 pandemic. Depending on the financial institution, customers the BAC for...

Consumer uncertainty remains, but there is a little less pessimism

Currently, 6.5% of Costa Ricans say that the Government is doing a good job, 21.0% say that what is necessary and 71.0% that poor work is being done. Consumer confidence improved significantly between September and November, but despite this, a significant degree of uncertainty remains. 2019...

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...

Reform of the Financial System

Allowing the opening of branches of foreign banks in the country and creating a structure of consolidated supervision of the entire financial system is part of the reform proposed by the Alvarado administration. In March of this year, two bills were presented to the Legislative...

Costa Rica banks register strong increase in alerts due to suspected money laundering

Cases of suspected money laundering transactions soared in Costa Rican financial entities during the past year. Bank sent to the Instituto Costarricense sobre Drogas (ICD) - Costa Rican Institute on Drugs - 507 complaints of operations suspected of "legitimación de capitales" in 2018, an...

Costa Rica Credit Card Debt Up 14%

The number of cards in circulation grew by 13% between January 2017 and the same month in 2018, while the balance of debt on credit cards increased by 14% in the same period. According to a quarterly study on credit and debit cards for 2018,...

How to Save Money Abroad: Thinking Like An Economist

A record number of tourists and business travelers visited another country in 2016, and this year is already on pace to exceed that tally. One thing you definitely need when traveling abroad besides a passport is local currency, such as euros in Europe, yen in...

Banco Central Proposes Change in Method for Calculating Exchange Rate

Q COSTA RICA - Costa Rica's Central Bank (Banco Central de Costa Rica - BCCR) proposes modifying the methodology to more appropriately approximate the average reference exchange rate of all exchange transactions in the economy. The reference exchange rate (buying and selling the dollar) is...

Credit Card Slow Down Though Business Continues To Be Profitable

(QCOSTARICA) The credit card portfolio in the banking sector weakened in the last two years. In April 2013, credit cards grew at a rate of 24%, as compared to only 10.7% in April of this year. The slowdown in economic activity and greater awareness in...

Finance Ministry Wants To Encourage Use of Plastic Money With A Lottery

QCOSTARICA - In order to better collect taxes and tax control on businesses, the Ministry of Finance (Ministry of Finance) has teamed up with the Chamber of Banks and Financial Institutions (Cámara de Bancos e Instituciones Financieras) to promote the use of plastic money...

Panama Banks Must Identify Owners of Corporations

TODAY PANAMA - The Superintendency of Banks has established an obligation for banks to identify the ultimate beneficiaries of corporations that are their clients. From the order published in the Official Newspaper, La Gaceta: "... ARTICLE 1. IDENTIFICATION OF FINAL BENEFICIARY OF CORPORATIONS. For the purposes stated...

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