Costa Rican State Banking Profits Decrease
In the first quarter of 2009 state bank profits fell by 25% when compared to the same period in 2008.
Friday, April 24, 2009
According to the Superintendent of Financial Institutions (SUGEF), the opposite happened with private banks, which increased their profits by 12% over the same period.
Public banks in Costa Rica are competing with the state, paying almost 10% interest in order to raise funds in local currency.
The initiative proposed by president Oscar Arias seeks to strengthen the sector and shield it from the global crisis.
The presidents of Costa Rican state banks said they "do not know why they are paying higher fees" than those paid by private banks.
The criticism attracted by the latest "commercial" venture by the State Bank of Costa Rica should not stick to just the surface of the fairytale castle and pink marketing campaign, but should go to the heart of the concept of state banks, which today have degenerated into simple banking institutions with commercial privileges.
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