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President-Elect Chinchilla
Announces New Head Of The Central Bank of
Costa Rica
In contrast to Wednesday's reports,
president-elect, Laura Chinchilla, said on
Thursday that Costa Rica will maintain its
"system of bands" for the exchange rate. The
statement was made during a press conference
announcing the new president of the Banco
Central de Costa Rica (BCCR) or Central
Bank.
Chinchilla announced the appointment of
Rodrigo Bolaños as head of the Central Bank
effective on June 16, 2010, where the
current president, Francisco de Paula
Gutiérrez steps down.
Gutiérrez announced his resignation on
Monday, saying that he stepping down for
personal reasons after two running the
Central Bank for two administrations.
Bolaños is not new to the Central Bank, he
ran the agency between 1995 and 1998, under
the José María Figueres Olsen
administration.
During the press conference, doña Laura
assured that the current policy of the
system of bands will continue during her
government and that she has not yet
considered any changes to the upper and
lower bands, which currently oscillates
between ¢500 and ¢603 colones.
The system of bands was adopted in October
2006 as the Central Bank allowed the
exchange rate to move freely by forces of
the market, within the low and high band,
instead of intervention by the Central bank.
Chinchilla said the designation of Bolaños
was based on his long career as an economist
in public institutions.
The new Central Bank president, Rodrigo
Bolaños Zamora, is 59 years old, is an
economist with a doctorate from the Chicago
University. His experience in public office
includes running the Central Bank from 1995
to 1998, was chief intervention officer in
the Banco Anglo failure (1994), minsitro de
Hacienda (Revenue minister) from 1989 to
1990, general manager of the Bolsa Nacional
de Valores (national stock exchange),
governor of the International Monetary Fund
(IMF) and governor of the Banco
Interamericano de Desarrollo (BID), in
addition to being a university professor.
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