Costa Rica: Central Bank reserves continue to rise

Between November 21 and 28, Central Bank reserves rose by almost $48 million and were at $3.8 billion.

Wednesday, December 3, 2008

This figure was approximately $129 million more than the balance at the end of October, when it was at its lowest ever since May 2007.

The reserves are money that the Central Bank has on hand to deal with external difficulties such as the increase in the price of oil.

More on this topic

Base Rate in Costa Rica Maintained at 6.70%

May 2013

From 16 and to at least 23 of May, the passive base rate in Costa Rica will remain at 6.70%.

The Central Bank of Costa Rica reported that the passive base rate will remain at 6.70%, the same percentage as the previous week.

"This is the third pause that the indicator has made since its downward trend began in late December, as most of the weeks it has dropped, with the smallest amount being 0.05 percentage points ...", reported Elfinancierocr.com.

Superpowers of Costa Rica's Central Bank create discrepancies

April 2008

The regulations carried out by the Board of Directors of the National Supervision of the Financial System (Conassif) has a cost to Costa Ricans of about 9 billion colons. The resources come from the Central Bank and a charge on financial transactions.

This expense is inflationary because the Central Bank issues money to cover the costss of the entities that are involved in the supervision and regulation of the financial system.

Capitalization of Costa Rica's Central Bank would cause distortions

April 2008

The Law of Capitalization of the Central Bank is being scrutinized by bankers and analysts, many of whom question the benefits attributed to it as an inflation-fighting mechanism.

From the Central Bank's point of view there is evidence that inflation is caused by three main structural factors: Central Bank losses, the exchange system, and distortions that impede the control of liquidity in Costa Rica.

Costa Rican Central Bank seeks new powers

April 2008

Costa Rican legislators are calling on the administration of Oscar Arias to grant the Central Bank more regulatory powers.

Commercial banks remain wary of some of the proposed measures, such as one that would impose the minimum reserve requirement on Banco Popular.
Banco Popular opposes the restriction because of what it describes as the social content of much of its lending.

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