Contrary to the opinion of center bank president, Rodrigo Cubero, who says that the national economy is on a “solid recovery route”, business owners are more cautious, and ask for more time before declaring victory or debating changes. “I do not want to be neither pessimistic nor do I want to contradict the good omens […]
President of Central Bank Asks for Balance in Usury Legislation
The president of the Central Bank (BCCR), Rodrigo Cubero, urged the deputies to “carefully” address the bill that would set interest rate ceilings to curb usury. Cubero told lawmakers that two aspects must be taken into account on this issue: the elimination of abuses and prevent financial exclusion, the latter – he explained – would […]
Costa Rica Has A $22.8 Billion Asset Bubble: Crash Would Affect Economy Broadly
National attention in Costa Rica is overwhelming focused on the fiscal deficit and the recent strike by public workers. Politicians and bureaucrats are making comparisons to the economic and currency crash of 1980. However, the coming crisis has the potential to be much worse than in 1980, and the reasons have yet to be clearly […]
Uber in Costa Rica collects $67 million per year
Tuesday morning would be a good day to avoid travel through downtown San Jose. Two unions that represent taxi drivers are planning a protest to begin at 9:00 am at Parque Central. Instead of targeting the Solis administration, drivers will converge on the constitutional court and likely bring eastern San Jose to a stand still. […]
Costa Rica Proposes Tax on Worldwide Income
A frequent rumor in Costa Rica is that Americans living here have trees that produce a limitless supply of dollars. From the Costa Rica point of view the income in dollars is not fully transparent, given that Costa Rica does not tax or require reporting of income earned abroad. However, if the government of Luis […]
Central Bank Sells $37 million in USD to stabilize exchange rate
Costa Rican Central Bank (BCCR) announced on Wednesday that it had sold $21.7 million in dollars to stabilize the exchange rate. The news comes just three days after the BCCR announced a new monetary policy, abolishing a system of exchange rate bands, which it had concluded as obsolete. It also brought to $37.3 million, as […]