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Implementing Banking & Loan Controls in Costa Rica

Costa Rica News – With the banking system and colon losing so much value over the past month something needed to be done to restore confidence in a banking system that seemed to be in a free fall with the Costa Rica n Colon. 

costa rica banking lawsBanking supervision will undergo some changes in Costa Rica. The General Superintendent of Financial Institutions is making some new rules.

The main change will apply to strengthening assets and managing the exchange risks in lending requirements.

The point is to make the financial system more stable and secure. The institution has been making changes since 2013 and will continue to make progress in this process throughout this year.

All customers wanting to borrow at least 65 million colones will be subject to a “stress test” that analyzes the affordability of the loan they ask for compared to their ability to pay it back.

The institutions must better manage their resources, even if it costs the customer. This push for risk management will benefit the country in tough economic times, by putting in place a clear allocation of responsibilities and a better technological infrastructure.

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