"There are many ways to define populism, but perhaps the most accurate is that it is a form of social and economic demagogy that sacrifices the future of a country for a fleeting present" - Mario Vargas Llosa
In fits and starts, the president of the Legislative Assembly of Costa Rica has approved the state budget for 2015, after a majority of legislators voted against it, in an arbitrary exercise supposedly covered in a legal vacuum on the subject. Previously, the Assembly had rejected three different motions containing spending cuts in the budget, including one generated from the very same Ministry.
The movement could respond to the lower volatility of the exchange rate seen from the beggining of administration of Luis Guillermo Solis on May 1st this year.
The margin between buying and selling dollars at the counters of financial institutions has declined from 13 to 10 colones colones in the last eight days, after several weeks of constant central bank interventions in the wholesale forex market, movements which the market interpreted as efforts to stabilize the price of the dollar against the colon and prevent it rising beyond what is deemed appropriate by the authorities at the Central Bank.
Former Presidents of the Central Bank of Costa Rica have criticized the bill which sets two equal objectives for the institution: inflation control and boosting production.
They agree that the Central Bank has shown that it does, but remain unconvinced that an expansionary monetary policy can be implemented to boost production indefinitely. Also, the experts believe that although both goals have similar weight, priority is always given to one over the other.
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