In recent days, the appreciation of the dollar relative to the colon has caused concern among most Costa Ricans who receive their income in colones. Rodrigo Bolaños, President of the Central Bank is stressing the importance of not taking loans in dollars for those who receive income in colones. He also told the press that the country must continue to improve infrastructure and attract foreign companies to free trade zones. Doing so ensures that foreign direct investment continues and there is a steady flow of dollars into the economy.
According to Bolaños, the economy is good, but is not growing as fast as it should. He cited better numbers in the United States, other countries in Latin America and other developing nations. The situation is problematic for Costa Rica because interest rates are going up in the United States. He also said that inflation was at an all time low in Costa Rica, and even with the current devaluations the country is on target for it annual goal.
Bolaños reiterated the policy that the central bank will only intervene to prevent volatility, and will not in general prevent the devaluation of the colon.