Steps Against Inflation
Inflation has been skyrocketing and the board of directors of the Central Bank of Costa Rica has taken steps to control it.

One of the measures will be to increase the legal deposit -a percentage that financial intermediaries have to deposit at the Bank -, which is to increase from the current 12% to 13.5% the coming July 16, and to 15 percent next August 16.

The institution also decided to lower the rate of interest on its 30-day bonds from 14.5% to 14%.

In a press release, the bank explains that the aim is to lower the arrival of speculative capitals from abroad, which seek only taking advantage of the high interest rates. According to sources from the banking sector, these measures mean that people will receive less for their savings, while debtors will see their debts rise.

"There will be less resources to sustain the growth of the economy of the country," said Jorge Monge, chairman of the Costa Rican Banking Association.