Tuesday 7 April 2020

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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...

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...

Is State Banking Inefficient?

It's not uncommon to hear phrases such as: “State banking is inefficient. Administrative expenses grow without measure and the size of payroll unsustainable. The lag in technology is its ballast.” The statements aren't new, over time taking on a life of their own. But is...

Dollar Price Keeps Dropping

A greater supply of dollars, high local interest rates and a decrease in imports of durable goods explain the decreasing trend of the U.S. dollar exchange rate in Costa Rica, which on June 18 reached the lowest level of the year. In 2018, the dollar...

Dollar Exchange Shows Atypical Behavior in May

The dollar exchange this month of May is presenting an atypical behavior with respect to its historical behavior. Generally, between April and October, the price of the dollar rises because the market has less foreign currency, according to the study approximation of seasonal patterns in...

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...

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...

Dollar Exchange Takes A Dive This Week

The dollar exchange rate dropped almost ¢4 colones in less than a week, as the Colon is now exchanged at less than ¢570 per one US dollar. On Monday, the official dollar exchange reference rate of the Central Bank was ¢566.41 for the sale and...

Costa Rica Credit Card Debt Up 21%

Between April 2016 and April 2017, the balance of credit card debt in Costa Rica grew by 21%, equivalent to 3.7% of GDP, says a study by the Ministry of Economy, Industry and Commerce (MEIC). The MEIC study, through the Directorate of Economic and Market...

Dollar Exchange Hit ¢580 On Tuesday

Q COSTA RICA - The dollar exchange on Tuesday by some banks reached ¢580 colones for the sell. For example, at 7:00pm, the dollar exchange at the private banks, BCT, Davivienda, Improsa and Scotiabank was ¢580 to one US dollar. At the Mercado Valores de...

Bank Lending Slows

QCOSTARICA - Bank lending in Costa Rica has slowed down, falling from a rate of 16% in March 2014 to 8% in the same month this year. According to a report in Elfinancierocr.com,  dollar loans by state banks are showing the biggest decline, after a...

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