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.
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.