A bill proposes to limit interests on all forms of credit, prohibiting setting interest rates unilaterally.
A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:
The President of the Republic, Laura Chinchilla Miranda, Vice President Luis Liberman and the Minister of Economy, Industry and Trade, Mayi Antillon Guerrero, today introduced a bill that seeks to establish limits to define credit usury, through the establishment of economic indicators that would be adjusted periodically.
Most Costa Ricans think it is better to make a living as a freelancer or as a government official.
In Costa Rica only two out of ten people plan to be entrepreneurs in the next two years.
This was revealed by a survey on entrepreneurship by Unimer, in which 1,200 adults were consulted. The main motivation given by the respondents was the increase in revenue and personal improvement.
The Government is standing firm in its position to eliminate state fixing of the price of rice and aims to organize the cooperative sector.
According to Mayi Antillon, chief of Economy, Industry and Trade from March 2014 the price of rice will be unfixed in order to benefit small farmers and reduce the price for consumers.
"It is not possible to debate maintaining fixation which does not benefit small producers," Antillon said, adding that these people do not receive their money at the moment of selling their harvest to large companies.
Using a levy on foreign banks the aim is to generate funds of up to $20 million in order to strengthen the Development Banking System.
According to the chief of the Ministry of Economy, Industry and Commerce (MEIC), Mayi Antillon, discussions have been initiated with the Ministry of Finance, to establish the parameters of the instrument. According to the official, the aim is to strengthen the capital of the National Development Trust (Finade), which provides an important share to the System.
Between April 2012 and the same month this year, the credit card portfolio of state banks grew by 8.5%, while among private banks the increase was 33%.
The increase in the private sector is not surprising, since Banco Promerica alone has 35 types of credit card rates, being the issuer with the most diversity in the country. The dynamism is also reflected in income from fees which the banks charge for the use of plastic, accounting for 46% of total revenues.
There is concern in Costa Rica over the impact of the possible entry into force of the Regulation on the price and the supply chain of this product.
From a press release from the Chamber of Commerce of Costa Rica:
The Chamber of Commerce of Costa Rica is deeply concerned about the Rod Regulation issued by the Ministry of Economy, Industry and Commerce (MEIC) and the impact that its possible entry into force may have on the price and the supply chain of this product.
In Costa Rica recommendations have been made for the creation of a Law for the Promotion of Competitiveness of SMEs including promoting Consortia for Exporting.
From a press release from the Ministry of Economy, Industry and Trade of Costa Rica (MEIC):
The Ministry of Economy, Industry and Commerce (MEIC), through its International Cooperation Department, in conjunction with the United Nations Industrial Development Organization (UNIDO), has conducted a round table meeting in order to promote the development of the "Law for the Promotion of Competitiveness of SMEs through the model of Consortia in Costa Rica".
New distributors, more chain pharmacies and new alliances are examples of the dynamism in the sector.
One example is the newly founded company KPO Alpha, dedicated to distribution, which has found an interesting market opportunity: independent pharmacies, a business where the partners Leonardo and Maria Acuna, together with their team cater to around 260 shops.
The definition of the conditions and requirements for customers will be the responsibility of each entity, as determined in its policies and risk analysis.
The National Council of Financial System Supervision (CONASSIF) approved from Tuesday, 15 to 10 changes to the standard established by the Superintendent of Financial Institutions (SUGEF) under the Regulation for qualifying borrowers with resources granted by the Banking System Development Act 8634, which states: "It is the responsibility of the Board of Directors or equivalent governing body of each financial institution, to approve the policies, processes and controls which will be used to identify, measure and manage the risks associated with credit operations, and resources granted by the Banking System Development Act 8634 ".
The National Rice Corporation and the Government have agreed to move towards an alternative to the price fixing scheme.
"It was also decided to establish a process of transition to manage the market and increase productivity in the sector, which should be ready this week," reported Elfinancierocr.com.
The agreement came after the results of the study entitled "Current Mechanism for the estimation and identification of rice prices under the context of the marketing chain," conducted by the Institute of Economics at the University of Costa Rica (UCR) , which indicates that currently, price fixing does not take into account various aspects of the reality of the national and international market.
With the intention of benefiting producers and consumers, and achieving better crop yields, in Costa Rica the price of rice is fixed by law.
According to an article in Nacion.com "a study by the Institute for Research in Economics (ICSI), at the University of Costa Rica, which was requested by the Ministry of Economy, Industry and Commerce (MEIC)." states that "the law fixing the price of rice will not benefit either the consumer or the producer, as intended by the measure, nor will it promote better returns."
As of April 5 mergers and acquisitions will have to be approved at the Antitrust Commission, part of the Ministry of Economy, Industry and Trade, before they can take place.
From that date, the Antitrust Commission, at the Ministry of Economy, Industry and Commerce (MEIC), will have the power to approve or deny deals, if it is concluded that they would result in undue concentration of business.
From the March 17 processes for construction plans must be performed exclusively through the Construction Project Manager digital platform .
From a press release from the Association of Engineers and Architects of Costa Rica (CFIA):
From next Sunday March 17, the processing of construction plans will be done only through the Internet, as established in the regulations for Review of Construction Plans.
A study by the Universidad de Costa Rica notes that one company controls the distribution of 80% of drugs sold, with price differences of up to 1,000%.
An article in Nacion.com reports that there is "little or no competition in the private sector of medicine, product of an industry that is "highly concentrated", causing Costa Rica to have higher drug prices compared to other Central American countries."
Although the bill that regulates the drug prices in Costa Rica, is based on good 'intentions', imposing maximum prices and profits for the pharmaceutical industry is not right.
So said Deputy Economy Minister Marvin Rodriguez, regarding bill 17. 738, on drug price regulation, which imposes limits on drug prices.
According to the deputy minister distortions in the prices of medicines should be addressed but not through a permanent fixing of prices.
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