More

    Credit to Private Sector Contracted First Quarter

    Must Read

    More than a Million Deaths from Coronavirus in the World

    The number of fatalities caused by the outbreak of the new type...

    The country will not close again, says President Alvarado

    Despite the upturn in infections, which reach around 70,000 cases and 800...

    Costa Rican Red Cross and ICT Report Increase of Aquatic Rescues at Beaches

    The frequency of aquatic rescues has been increasing in recent days not...
    TCRN STAFFhttps://www.TheCostaRicaNews.com
    Creating a Conscious alternative news network that we feel the world needs. Pura Vida!

    Private Sector business in Costa Rica growing slowly.

    Preliminary data on private sector credit in March show a contraction of the balance paid in the first quarter of the year by the national banking system.

    During the first three months of the year, the amount paid to this sector of the economy declined by nearly 71,000 million colones. Since last February the Central Bank of Costa Rica, established a cap on the credit of 9% annualized and 12% in colones.

    The growth restriction imposed by the Central Bank, is equivalent to 12.2% annualized. However, the growth reported by private banks (16.6%) and even more the System of Savings and Credit Cooperatives (21.57%). Of the 59 institutions included in the estimates, at least 35 companies in 2012 reached a growth of over 12.2%, with 9 of these banks.

    The lower demand for credit, which is consistent with an economy growing less, can also seen by observing the rate of growth of credit to the sector. For example, on a preliminary basis to March, the credit would have increased 9.6%, while in March last year the credit is expanding at a rate of 15.4%. Average growth for the first quarter was 10.7%.

    According to the Central Bank the previous year showed dynamic foreign currency whose rate at year-end was 17.8%, while the national currency was 11.4%. This situation, it is estimated, due to the differential in interest rates and foreign currency, as well as exchange rate stability observed throughout the year.

    Bottom line, the economy is moving forward, albeit very slowly.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

    - Advertisement -
    - Advertisement -

    Latest News

    More than a Million Deaths from Coronavirus in the World

    The number of fatalities caused by the outbreak of the new type...

    The country will not close again, says President Alvarado

    Despite the upturn in infections, which reach around 70,000 cases and 800 deaths, the president of Costa...

    Costa Rican Red Cross and ICT Report Increase of Aquatic Rescues at Beaches

    The frequency of aquatic rescues has been increasing in recent days not only due to the increase...

    What the Black Death Can Teach Us About the Global Economic Consequences of a Pandemic

    Fears about the contagion from the novel Coronavirus have resulted in a slowdown in the global economy. Stock markets have been affected

    Government Creates Ten-Year Plan to Make Sports More Inclusive

    The National Policy for Sports, Recreation and Physical Activity 2020-2030 (PONADRAF 2020-2030) "Let's Climb as a Team" is the realization of a fundamental national project for development
    - Advertisement -

    More Articles Like This

    - Advertisement -
    Language »