Costa Rica: SUGEF directive postponed
The measure which was proposed for January 2009 forces banks, financial cooperatives and credit unions to save 15% of their earnings as as protection against risk.
Friday, September 12, 2008
The president of the Central Bank, Francisco de Paula Gutiérrez, explained yesterday that the decision is because national financial market conditions have changed.
New regulations are being prepared for measuring currency risk for banks, whose loan portfolio in dollars grew by almost 13% in one year, while 78% of those who borrow in dollars receive their income in local currency.
For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.
The business sector is warning that the Costa Rica could enter a crisis of massive layoffs if they cannot finance their activities.
Since mid-2014 credit unions and mutuals have had to increase their reserves due to an increase in expected losses by banks.
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