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What is the economic blow this new virus will be to the country and people of Costa Rica?

The economic impact of the coronavirus covid-19 is just beginning, as businesses, big and small begin to evaluate the economies in the face of actions of the government to prevent the spread of the contagion and the population facing uncertainty. Perhaps the hardest hit will...

Government readies economic support measures for sectors hardest hit by coronavirus in Costa Rica

The Government of Carlos Alvarado is expected to present today, Saturday, March 14, a series of economic measures to counteract the negative effects that the covid-19 coronavirus is having on Costa Rican productive sectors. President Carlos Alvarado made the announcement on his Twitter account. Mañana anunciaremos...

What will be the impact of the coronavirus on the Costa Rica economy?

The impact of the coronavirus on Costa Rica's economy depends on the extent of contagion and how long it will last, as well as the effectiveness of government measures, such as interest rate cuts. However, the impact would be felt to a greater or lesser...

New minimum wages in Nicaragua

As of Sunday, March 1, more than 100,000 workers, mostly from the formal sector, will receive an adjustment in their salary that will be reflected in their paycheck of the first half of March, as established by the Ministry of Labor (Mitrab). Though the minimum...

Nicaragua Restaurants Suffering the Crisis

As of November 30th, the restaurant and bar association registered a drop of between 20% and 50% in its sales, and they do not foresee any major changes in the coming months. The Cámara Nicaragüense de Restaurantes y Similares (Canires). – Nicaraguan Chamber of Restaurants...

Costa Rica Economic Activity Grows 2.5%

During October 2019, a 2.5% year-on-year variation was reported in the IMAE, a rise that is explained by the behavior of manufacturing activity and the service sector. According to the report of the Banco Central de Costa Rica (BCCR) -  Central Bank - with the...

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...

Savers Inclined To Save In Dollars

Savers in Costa Rica maintain a preference for saving their money in dollars, above doing so in colones, the national currency. Saving in colones has not only become less attractive but also stopped growing. According to Banco Central, the inclination towards foreign currency (dollars) is...

Uncertainty Discourages Investments in Nicaragua

Between the first semester of 2018 and the same period of 2019, the flows of Foreign Direct Investment reaching the country decreased by 25%, a decrease that is explained by the uncertainty that predominates among businessmen, derived from the political and economic crisis. According to...

Inflationary Rhythm Slows Down

In September, the Indice de Precios Al Consumidor - Consumer Price Index (CPI) - the Instituto Nacional de Stadistica y Censos (INEC) - National Institute of Statistics and Censuses, reported a 2.5% year-on-year variation, down from 2.9% in August. Of the 315 goods and services...

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...

Nicaragua recedes in economic freedom

The 2019 Index of Economic Freedom placed Nicaragua in the 107th freest of 180 countries evaluated worldwide, a drop of seven positions compared to the previous year’s report. Since April 2018, government supporters began taking private property throughout Nicaragua, affecting national and foreign investment. The report,...

Slowly but surely, Costa Rica bond issue heads for port

The government of Carlos Alvarado is making progress in its efforts to place a US$1.5 billion bond in international markets, known as Eurobonos (Eurobonds). The placement will have major consequences for the exchange rate, interest rates and the whole process of the reactivation of the...

Gold Shines Amid Long Dark Night, How Does Nicaragua Benefit?

Nicaragua’s gold exports continue to rise, and because of the trade war between the United States and China, it has appreciated at an accelerated rate Photo EFE/Jorge Torres. Gold prices are rising to their highest prices in six years in world markets – last Friday in...

Nicaragua imports less fuel as consumption drops

Nicaragua paid a total of US$411.5 million in the first 5 months of this year for the purchase of 5.7 million barrels of crude oil and its derivatives, 3.95% lower compared to the same period of 2018 when the country paid US$428.4 million, according...

After Venezuela, Nicaragua will be the economy that will fall most this year in Latin America

The Economic Commission for Latin America and the Caribbean (ECLAC) said that Nicaragua will be one of the three economies where imports will be contracted, as well as the Gross Domestic Product (GDP), a forecast that is in line with the International Monetary Fund...

Brake in consumption and fall in agriculture accentuate economic slowdown

The drop in household consumption, together with the fall of the agricultural sector and trade, accentuated the collapse of Costa Rican production. The Gross Domestic Product (GDP), in the first quarter of this year, had an interannual variation of 1.78%, while in the same period...

Less Bureaucracy to Boost the Economy

As one of the measures that the Costa Rican government plans to implement is that it will no longer be necessary to have all the requirements to open a business certified, and only an affidavit will be necessary. The government will implement a regulatory moratorium...

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...

Costa Rican Economy Keeps Slowing Down

The Monthly Economic Activity Index (Indice Mensual de Actividad Economica - IMAE) by the Banco Central de Costa Rica (BCCR), reported a 1.6% year on year increase in April, a variation that is lower than the 1.8% growth reported in March. Excluding financial services and...

Venezuelan oil exports fall 17% in May

Venezuelan oil exports fell by 17% in May compared to April, due to the difficulty to sell barrels of heavy crude oil that US refiners used to buy and process before the sanctions imposed on the Nicolás Maduro government, reported Reuters. The fall is due...

Opposition asks government to put aside CO2 to boost economic reactivation

With the economy wilting and employment falling, the opposition is asking the government of Carlos Alvarado to put carbonization aside and focus on boosting the economy.    

Migrants through remittances prevent further collapse of the Nicaraguan economy

Remittances (remesas in Spanish) are the only source of support for the Nicaraguan economy, hit by rising unemployment, the decline in foreign and domestic investment, the reduction of exports, the credit drought and the deterioration of the purchasing power of households, such as consequence...

Adiós gringo? Venezuela & Russia negotiating swap of US dollar for ruble in bilateral trade

Venezuela is in talks with Russia over the possibility of using the Russian ruble in mutual trade settlements and abandoning U.S. dollar transactions, according to Venezuela’s representative to the UN office in Geneva, Jorge Valero. © AFP / Alexander Nemenov The ambassador added that the countries...

Sanctions, Bancorp and the Ortega Family Wealth

One of the most noteworthy news items of the last few days has been the United States government’s imposition of sanction on the presidential couple’s son and on the Ortega family’s bank, known as BANCORP (Banco Corporativo) and the closure of said bank by...

Costa Rica’s Economic Activity Remains Low

During January 2019, the Monthly Index of Economic Activity - Indice Mensual de Actividad (IMAE) -  in Costa Rica reported a 1.6% year-on-year increase, which is less than the 3.2% recorded in the same month last year. With the exception of construction, all economic activities...

Costa Rica Reports Lower Inflation During February

In the second month of the year, the year-on-year change in the Consumer Price Index (CPI) was 1.5%, below the 2.2% increase recorded in February 2018. During February, the goods and services with the greatest positive effect were: automobile, primary education and junior high school....

Sugef relaxes bank reserves to boost credit

The Superintendencia General de Entidades Financieras (Sugef) - General Superintendency of Financial Institutions - relaxed the rule that requires financial institutions to create reserves to protect themselves in case of deterioration of their loans. The decision was made to "free" resources to financial institutions for...

The Taiwan loan controversy: Loan of US$100 million gives lifeline to Ortega

On February 18,  Nicaragua’s congress accepted a US$100 million loan offered by Taiwan, giving a line of support to President Daniel Ortega’s government. Legislators approved the 20-year loan a day after U.S. President Donald Trump declared that “socialism is dying” in Nicaragua, Cuba and...

Steep pension cuts, tax increases could plunge Nicaragua into recession

In April last, the Ortega regiem announced it was raising payroll taxes and cutting pension benefits to bolster a hemorrhaing social security program. In this Feb. 8, 2019 photo, a Sandinist ruling party banner and a national flag fly outside the Instituto Nicaraguense de Seguro...

My Two Colones

For the most part, people get extremely concerned when they hear the words recession, inflation or devaluation. Do not panic, all of these are natural stages of the economic cycle that every country has to go through over time. While it is important to have...

Wall Street Sours on Costa Rica

(Bloomberg Business) In a part of the world known for guerrillas, drug runners and fleeing emigrees, Costa Rica has long been the exception. It was an oasis of tranquility and stability -- the Switzerland of Central America, some took to calling it. American retirees flocked...

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