Costa Rica's Central Bank warns of a major economic adjustment
The president of the Central Bank of Costa Rica, Francisco de Paula Gutiérrez, warned the country that it will have to make a strong economic adjustment.
Friday, July 4, 2008
The high cost of food and fuel, the scarcity of external resources, and low growth in its leading trade partner, the United States, are forcing the country to make adjustments to maintain economic stability.
A record amount of $1.938 billion in gross international reserves has been recorded in the country, a reflection of the stability and economic growth in recent years.
The Bank strengthened security measures that are applied to the management of international monetary reserves.
The Central Bank of Costa Rica said Wednesday that it sold 600 million dollars of its international reserves between April and mid-June to strengthen the local currency.
In less than two months the Central Bank of Costa Rica has seen a 10 percent reduction in its international monetary reserves.
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