Tuesday, May 6th, 2008
Chinese Vice Premier Hui Liangyu is scheduled to arrive in Costa Rica Tuesday for a three-day visit that includes a meeting with President Oscar Arias, who broke ties with Taiwan to recognize China last year, Arias’ office said.
Before his talks with Arias, Hui will meet with parliament speaker Francisco Pacheco.
Hui will be accompanied by top officials from China’s ministries of hydraulic resources, trade and foreign affairs, the Costa Rican foreign ministry said.
China promised to finance the construction of a new, 60-million-dollar stadium in Costa Rica after San Jose switched allegiance to Beijing last June, ending 63 years of relations with Taiwan.
The 35,000-capacity stadium will replace the National Stadium, which will be demolished.
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Tuesday, May 6th, 2008
For the second time this year, Costa Rica’s Central Bank escaped binging on dollars in the exchange market, according to information released by the finance company Aldesa.
The financial institution has been forced most weeks to absorb dollars, preventing the colón from bouncing below the established lower exchange limit.
A flood of dollars in the Costa Rican market pushes up the value of the colón, something the Central Bank tries to control by purchasing those dollars and issuing colones.
That action, however, tends to increase inflation – something the Central Bank has committed to controlling for 2008 – fueling speculation that the bank will choose to lower the bottom limit on the exchange rate instead.
In 2008 alone, the Central Bank has purchased $1 billion off the exchange market. That marks a steep increase over 2007, when it bought roughly $1.4 billion the entire year.
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