Anticrisis plant presented in Costa Rica

The Government of Costa Rica is putting emphasis on social spending and investment in public works as measures to deal with the contraction of the economy.

Friday, January 30, 2009

Labor flexibility, expansion of unemployment benefits, adjustment of rates for credit at state banks, the reduction of work hours, increase in pension benefits, are some of the measures announced in the "Plan Escudo" (Shield Plan).

The article by Hasel Fallas and Álvaro Murillo on Nacion.com also talks about the criticisms of the governments plan, including those from Juan María González, president of the Chamber of Industries: "The evaluation is that concerning investment stimulation, it is found to belacking."

More on this topic

Bancredito bank in Costa Rica lowers interest rates

February 2009

Starting February 15, a 2 percentage point decrease in the rates will come into effect for home and small and medium business loans with balances lower than $69,246."

Nacion.com says that "Said measure will last for 24 months, although it will be revised annually.

These measures are in response to the request from the Government that the banks reduce their rates in order to deal with the crisis.

BCR lowers interest rates in Costa Rica

February 2009

The Bank of Costa Rica (BCR) lowered interest rates for loans for housing and small and medium businesses by two percentage points.

Nacion.com reports on its website: "The reduction in the interest rates is effective from Sunday February 1.

These measures are a part of the program presented yesterday by the BCR called: "A Hand in Support."

State banks in Costa Rica to lower interest rates

February 2009

The three State Banks, the National Bank, the Bank of Costa Rica and the Credito Agricola Bank, will introduce mechanisms for lowering credit rates.

Nacion.com reports on its website: "The National Bank is in the process of defining what will be the specific procedures and policies in order to deal with the most urgent needs of clients," said the manager of the bank, William Hayden, in brief written response to this paper."

Costa Rica: Banks toughen access to credit for real estate

June 2008

Financial companies are trying to protect their capital against a possible further rise in interest rates.

Access to loans within the real estate sector will be more rigorous. The old refrain, "Better to prevent than lament" is being applied at some local banks, as one of the results of the sub-prime crisis in the United States.

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