Anticrisis plant presented in Costa Rica
The Government of Costa Rica is putting emphasis on social spending and investment in public works as measures to deal with the contraction of the economy.
Friday, January 30, 2009
Labor flexibility, expansion of unemployment benefits, adjustment of rates for credit at state banks, the reduction of work hours, increase in pension benefits, are some of the measures announced in the "Plan Escudo" (Shield Plan).
The three State Banks, the National Bank, the Bank of Costa Rica and the Credito Agricola Bank, will introduce mechanisms for lowering credit rates.
Starting February 15, a 2 percentage point decrease in the rates will come into effect for home and small and medium business loans with balances lower than $69,246."
The Bank of Costa Rica (BCR) lowered interest rates for loans for housing and small and medium businesses by two percentage points.
Financial companies are trying to protect their capital against a possible further rise in interest rates.
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