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SUGEF to Increase Loan Requirements in Costa Rica

Costa Rica News – The Superintendent of Financial Institutions, also known at SUGEF, is hoping to increase the current reserve requirements for banks that give loans in USD to those who earn in colones.

bank loan costa ricaThis could ideally apply to both businesses and individuals. The move was announced as part of a presentation on financial results sector wide. This presentation was on Tuesday by Javier Cascante.

The change aims to increase the money that banks keep on hand in case of defaults.

It would affect borrowers who earn local currency but have balances in US Dollars or other foreign currencies.

This issue has been on the table all year.

It is now in the form of a concrete proposal with the goal of ensuring that both private and public banks have appropriate risk control.

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