Costa Rica: Reserves under $4 billion
Central Bank reserves fell for the first time since November of last year to under $4 billion.
Wednesday, September 10, 2008
On September 5, reserves at the Central bank were at $3.92 billion. According to William Calvo, ex-director of the Central Bank's Economic Division, the reserves are still at a good level since they can cover the monetary base and around 3.3 months of imports.
In less than two months the Central Bank of Costa Rica has seen a 10 percent reduction in its international monetary reserves.
The Central Bank's international monetary reserves continued their descent from September 29 and October 3, falling by $92 million.
The country's international monetary reserves were down $53.3 million last week, standing now at $3.931 million.
The Bank strengthened security measures that are applied to the management of international monetary reserves.
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