Costa Rican Government Seeks Support for Development Banking
The bill would request the transfer of a mandatory 5% of state and private bank profits to the Development Bank System.
Tuesday, April 14, 2009
The contributions would be for five years and in addition to the requirement established by existing law for banks to use 5% of their profits to create a fund to grant loans for development.
Millions of dollars earmarked for developing banking are standing idle in Costa Rica, because of legal, administrative and financial oversight problems.
The president Manuel Zelaya passed two decrees that were approved in an extraordinary session by Congress.
The money provided by Panamanian banks has increased by 2.3% since December 2011 due to the dynamism of the economy and competition among financial agents.
Reforms are planned to the "Sistema de Banca para Desarrollo" (SBD) "banking toll fee" arrangement with the introduction of a fixed payment.
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