The head of the Technical Mission of the international organization in the Central American country praised the work of the Central Bank, although he recommended a return to a neutral monetary policy in the following months.

The International Monetary Fund (IMF) announced this Friday that it will disburse US$510 million to Costa Rica after an evaluation mission to the Central American country, whose economy is expected to grow 4% this year according to the international organization.

Subject to approval by the IMF Executive Board, the completion of the sixth review under the Expanded Credit Facility Agreement will make available some US$270 million, and the completion of reform measures scheduled under the Resilience and Resilience agreement. Sustainability will make US $240 million available, the IMF reported.

Following the announcement, Ding Ding, head of the IMF technical mission in Costa Rica, made the following statement:

“The Central Bank of Costa Rica has demonstrated a track record of success in formulating forward-looking policies based on data. The BCCR, which began to relax its monetary policy appropriately as soon as inflationary pressures eased, should continue its cautious return to a neutral monetary policy in the coming months.

The exchange rate should be allowed to move flexibly in response to market conditions and, with international reserves at adequate levels, Central Bank intervention in the foreign exchange market should be limited to responding to disorderly market conditions. The authorities remain committed to the institutionalization of the autonomy of the BCCR, as well as to the clarification of its mandate and its decision-making processes," declared the economist.