Saturday 4 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...

Objections to Commission Regulation on Bank Cards

Not considering the costs of the collection process, nor market conditions, are some of the failures that Costa Rica banks identify in the bill being discussed in the Legislative Assembly. In December 2018, a proposal was presented that seeks that the Banco Central de Costa...

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 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...

Merger Of Two Costa Rica State Banks Proposed. Damage or Benefit?

One of the things the new group of legislators that take their curuls (seats) in the Legislative Assembly today, May 1, is to support or reject the bill for the absorption of the Bancredito by the Banco de Costa Rica (BCR). Last week, the bill...

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...

State Banks Offer 760 Properties At Attractive Pricing and Easy Financing

QCOSTARICA - Three state banks will be selling off about 76 properties in the first "Expo Interbancario" (Interbank Expo) to be held from April 15 to 17 in City Mall, in Alajuela. During the three days, the Banco de Costa Rica (BCR), Banco Nacional (BN)...

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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