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President signs law to regulate usury

(QCOSTARICA) On Tuesday, President Carlos Alvarado signed into law the usury law that sets a maximum interest rate of 39% loans in colones and 31.5% in dollars for loans of ¢675,000 colones and higher. For loans of less than ¢675,000, classified as microcredit, the rate...

¢900 billion fund to revive the economy

(QCOSTARICA) The Superintendencia de Entidades Financieras (SUGEF) and Consejo Nacional de Supervisión del Sistema Financiero (Conassif) will eliminate requirements and relax conditions to boost the loan fund of ¢900 billion colones that the Government announced last week (May 8), as the main bet for...

Bank foreclosures on vehicles on the increase

The sale of vehicles slowed down and, as expected, the financing for their purchase. At the same time, those who have financed their purchase show delays in monthly payments or have stopped paying altogether. This has led financial institutions - lenders - to foreclose on...

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...

QTips: What to do if your salary isn’t sufficient to pay your bills

If you are having a hard time paying for your basic expenses, it can be depressing and frightening. This can happen, especially if you have overextended yourself with debt. First, you need to find ways to reduce your expenses. There is almost always at...

“I just told you: I do not know when I can pay you!”

I would have preferred not to hear that telephone conversation between a debtor and, I suppose, a call center employee, but I suspect that each time they will be - unfortunately - more frequent, relates José David Guevara in his article in the El...

ICE Continues To Cover RACSA Losses

QCOSTARICA - At the expense of consumers  by way of prices for energy and telecommunications, the Instituto Costarricense de Electricidad (ICE) covered Radiográfica Costarricense (Racsa) losses with loans and an injection of capital. The ICE subsidiary, whose inefficiency has been proven, continues the country's bad...

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

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...

New Law Allows Use of Intangibles As Collateral

QCOSTARICA - On May 20, the Secured Transactions Act  (Ley de Garantías Mobiliarias - N.° 9.246) goes into effect, which allows individuals and companies to use intangible property as collateral of loans. The new law allows assets such as accounts receivables, personal property (except vehicles),...

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