Costa Rica announced that it would remove the country’s nine-year-old currency band system in favor of a floating exchange against the U.S. dollar, according to a statement from the Central Bank Saturday.
The Central Bank’s efforts to quell volatility in the Costa Rican currency seem to be working. But analysts note that there are bigger problems on the horizon for businesses.
The Legislative Assembly approved in a second-round vote Monday afternoon a long-delayed capital-control bill that requires foreign investors to deposit 25 percent of their investment with the Central Bank.
