Constitutional Court to examine if Central Bank secrecy is lawful

Sala IV / Supreme Court

May 6th, 2014 (InsideCostaRica.com) Thanks to an appeal filed by former lawmaker Patricia Pérez Hegg, Costa Rica’s Constitutional Court will examine if the Central Bank’s claim to secrecy of meeting minutes of the Bank’s board of directors is lawful.

 

The appeal is in regards to the Central Bank’s interventions in the currency market, the decision making process of which is kept secret by the Central Bank.

 

Central Bank president Rodrigo Bolaños claims it is a bad idea to disclose the minutes of the board, because it could make the Bank’s decisions known to market speculators who could profit from the information.

 

Perez, who has requested the records on several occasions, said it is important for the records to be analyzed in order to determine if the Bank’s decisions to intervene in the currency market were correct under the circumstances when they occurred.

 

Perez had requested information on what the Bank’s budget is for interventions in the currency market and the criteria used to determine the need for an intervention, amongst other information.

 

The Central Bank’s response was that the information was confidential and could not be disclosed.

 

Previously, the Technical Services Department of the Legislative Assembly established that the information requested by Perez is not covered under the veil of state secrecy.

 

Perez filed the constitutional appeal last week.

 

costa rica news

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  • dr meno

    Their profits mean stealing money from Ticos. Costa Rica need expel the Criminal Central Bank. Don’t pay the loans and put the Jefe’s in jail like Iceland did. They will steal and repossess your country. They are heavily connect to the bank$ters in Europe who have been reposing muni’s , cantons, and whole countries around the world. KICK them out of our country.

  • dr meno

    They are having secret meeting because they are planning got take over The country.

  • disgusted

    Treasury been robbed and the almighty colon is going to be a thing of the past with their manipulation of the exchange rate. Keep printing money it soon will be worthless.. Notice so far everything connected to the dollar……….. and the dollar having it’s own problems!

  • Ken Morris

    This strikes me as an important case. My sense is that the Central Bank is way too secret. Sure, public minutes could allow speculators to make money, but am I to believe that the private minutes are never disclosed to select speculators? This would be the only institution in the world to operate with this kind of integry when operating in secrecy, so excuse me for failling to believe that the bankers have this much integrity. I think the Centrak Bank has to be far more transparent.