Central Bank in Costa Rica
Research about the history and the role of the Central Bank in Costa Rica and reflect on its policies.
Costa Rica had their
first bank in 1857, it was Banco Nacional de Costa Rica (Banco Medina), in the
following years was born Banco la Unión and Banco Anglo costarricense. In the
early 1900s an important entity was born, this was the Banco International de
Costa Rica, it helped small farmers to obtain credit to boost their activities.
Given the incipient
number of financial institutions that began to establish themselves in the country,
the needed arose to create an entity whose main function was to supervise and
guide the country's finances, in addition to establishing parameters for the
other institutions.
Thus, in 1950 the
Central Bank of Costa Rica was born, which since its inception and over the
next few years develops policies to maintain and improve the Costa Rican
economy.
The main policies that
correspond to the Central Bank in the present are:
·
Control inflation in the country.
·
Help commercial banks when they have problems.
·
Maintain minimum deposits from commercial banks.
·
Publish monetary and banking statistics.
·
And others.
In general, it can be
said that the central bank is very important for the economy of a country since
it is the entity that with its decisions can affect all economic areas of the
nation. It is the entity in charge of guiding it when it must recover from adverse
local or global situations that can affect the population. It is also the one
who, hand in hand with the government, should promote the path of development
of the countries.
It is important to
highlight that the Central Bank must be autonomous, that is, it must not follow
political ideologies or depend on the decisions of the country, and this is
where its importance also lies, being impartial allows it to make decisions for
the benefit of society.
References
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