Banks asked to Remove Credit Restrictions to Stimulate Economy

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    The Costa Rica News (TCRN) – The economic slowdown felt in the country has begun to reflect on credit demand in the domestic financial system.

    Public and private banks agree that the decision to postpone productive sectors investments is the main reason for the slowdown in loans.

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    Deputy General Manager Credit and Finance National Bank of Costa Rica, Bernardo Alfaro said that there has been a decline in the demand for resources by construction, industry and tourism.

    From January to April, the National Bank Financial has placed ¢ 870,000 million, however, the company clarified that the main source are large public sector projects.

    The credit crunch would give a positive signal to increase optimism among traders to resume their investment plans, and should create an incentive to promote the growth of economic activity.

    Banco de Costa Rica (BCR), general manager, Mario Rivera said nominal loans of the bank during the first five months of this year exceeded the ¢ 200 billion, ie a 30% lower what is leading to the same period in 2012.

    “We observed slow credit growth in all activities when compared with last year for the same period. But we insist, there is no resource constraint. This behavior confirms the generality of the trend of slowing demand, “he said Rivera. Based on a report by CRHoy

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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