17-digit customer account numbers will be replaced with a global code which will facilitate international transactions and interbank deposits.
Business customers and financial institutions must prepare for the change to the National Payments System announced by the Central Bank of Costa Rica. From December 31, 2016 client account numbers will change from being a tool for inter-bank transactions to being an international code for the automatic processing of payments and receipts between countries.
The South American country has sent its own ships to carry food in short supply in this nation such as sugar, coffee, black beans, oil, meat and live cattle.
Last weekend, 1,500 tons of sugar were loaded up in the Port of Corinto, the first shipment of three which will transport 45,000 tonnes of products between May and June. According to the director of the National Port Company, Virgilio Silva, on May 24 another ship docked in Arlen Siu, in the Pacific, to load up 980 heifers with the same destination.
From 13 to 17 May, a trade mission composed of Nicaraguan businessmen will visit Cuba in search of new business.
According to Alfredo Lacayo, chief executive of the company Centrolac, head of the delegation of the Chamber of Industries of Nicaragua (Cadin), the developed tourism industry in Cuba is attracting the attention of agro products.
Nicaraguan businesses say they will continue to manage their business operations in dollars because they are not prepared to use the Sucre.
"There aren't any business (signed up to) to the Superior Council of Private Enterprise" (COSEP), the most important business association in Nicaragua, who have, at this time, the possibility of using the mechanism of Single Regional Compensation System (sucre)", said the head of the organization, Joseph Adam Aguerri.
The industry is concerned about the currency that is defined by reference to trade with Venezuela through the Unitary System for Compensation of Regional Payments (known as SUCRE).
The Superior Council of Private Enterprise (COSEP), warned that if Albalinisa, which concentrates all exports to Venezuela, decides to use the cordoba in parity with the the sucre, there would be an economic loss because of the need to change from dollars to cordobas.
Pending in the Nicaraguan National Assembly is adherence to the Unitary System for Regional Compensation Payments, using the Sucre as currency in trade between the member countries of the Bolivarian Alliance.
Alberto Guevara, president of the Central Bank of Nicaragua (BCN in Spanish), urged members of the Committee on Production, Economics and Budget of the National Assembly, to ratify the agreement by which the country adheres to the Unitary System of Regional payments (known as Sucre).
The Costa Rican Legislative Assembly is to review a proposed law that “will protect the purchasing power of Costa Rican salaries and pensions”.
An opposition congresswoman from the ML political party submitted the proposal, which would “dollarize” the Costa Rican economy and take away some responsibilities from the Costa Rican central bank, such as that of regulating monetary policy.
The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.
Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.
“SUCRE, (Regional Unique Compensation System), was created in 2009 by ALBA, the Bolivarian Alternative to the Americas. It is a mechanism designed to simplify trade without using other currencies such as the dollar.