The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.
The application of the new law for middle classhousing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.
The Costa Rican government is looking at the budgets of the robust state-owned banks as a possibility for satisfying its hunger for taxes.
A bill, over which discussion has already started in the Treasury Commission of the National Assembly, and which is called "Act for the Efficient Management of Public Finances" is a so-called alternative to the Chinchilla government’s failed fiscal plan.
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