Costa Rica Dollar Exchange Falling

Costa Rica News – In the last three months, the exchange rate of the U.S. dollar against the national currency, the Colón, in the wholesale Monex market dropped from an average of ¢580 per dollar at the beginning of September, to ¢566 on November 27.

The main reason behind the reduction in the exchange rate in recent months could be an increase in the supply of dollars usually generated by multinational companies, on these dates, when more dollars are added to the country to pay taxes at the end of the fiscal period.

Economist Melvin Garita explained that “the exchange wickets have seen an excess of currencies, which also responds to a methodological change in the exchange position. In addition, debt issuances in dollars that the Ministry of Finance has made may have influenced people’s expectations, who hope that these resources will be exchanged in local currency.”

“November is expected to close next week with low volatility and little upward pressure on the exchange rate, since in this period the flow of sales of dollars by companies and individuals is usually intensified to attend to – besides the payment of taxes – disbursements for Christmas bonuses (Aguinaldo) and vehicle tax payments (Marchamo), among other things.”

The La Republica reports that the exchange rate would have a great downward pressure after the Ministerio de Hacienda (Ministry of Finance or Treasury) raises US$1.5 billion dollars in the foreign market.

Even so, the Treasury after a payment of almost US$890 million dollars on five series of bonds that expire next year, it would have more than US$600 million dollars that it could ‘colonizar’ (colonise) to face other payments such as bonuses and salaries, which would bring an appreciation of the colon against the dollar or downward pressure.

Experts say that we will have to wait to see what the Central Bank (Banco Central) will do, as it could buy up at a large part of these dollars, so that the exchange rate does not go down much and thus increase its international reserves, but that would make senseless the credit of US$1 billion dollars it took out from the Fondo Latinoamericano de Reservas (Latin American Reserve Fund).

This action, the current administration’s kicking around of the fiscal ball, without a doubt gives it a respite and leaving the problem for the next government.

On the other hand, speculation reigns in the market, as the Treasury will not reveal details on the bond placement agency and who was the international buyer of the bonds. Also, the rate at which the bonds were placed is not known, although it could be close to 7% for a ten-year term.

The winners of this monetary policy (low dollar exchange) are:

• Debtors in dollars
• Importers, since they will have to allocate fewer colones to pay for the products
• New Investors

The losers:

• Exporters who will lose competitiveness abroad
• Investors who have bonds to 2027 in their portfolio, who may be losing value in their investment
• Tourism, as the country becomes more expensive for tourists arriving with dollars

Economist Gloriana Ivankovich had this to say about the US$1.5 billion dollar bond issue, “the Legality is questionable and we keep kicking the ball. In the end, nobody will say anything, but this can be debatable since for practical purposes this is external debt.”

From QCostaRica

Here Come the Electric Cars to Costa Rica

Costa Rica hopes to have 37,000 electric cars in just five years. One method to accomplishing this goal is the bill to lower taxes on these vehicles, which has recently been approved by the first debate in the Legislative Assembly.

If approved in the second debate as well then the importation without tax becomes official.

This would benefit in many ways. It would make electric cars more affordable to the user as well as helping Costa Rica move toward becoming a carbon neutral country by 2022, as they are zero emission vehicles.

Additionally, parts and assembly systems of electric cars would have a ten year tax exemption.

The Costa Rican Electricity Institute and CNFL, among others, are dedicated to placing 18 recharge stations for this type of vehicle throughout the country.

20 electric cars from registered trademarks drove up to the Irazú Volcano, an event organized by Minae to dispute the myth that such cars are not good on slopes.

Enjoy a Romantic Honeymoon at the Ylang Ylang

Your honeymoon only happens once, and you want to ensure that it is an unforgettable experience. After all the months of planning your wedding, your honeymoon will be the first time you and your partner can relax and relish the joy of being married. You want to choose a destination that will help you make the most of your honeymoon – while still offering you as much romance and privacy as possible. Then go no further and look for Costa Rica honeymoon vacations. Let’s look at what makes them special.

Secluded Area

Here at the Ylang Ylang, romance is our specialty. Our resort is located in a secluded area of Costa Rica – but not so secluded that you feel cut off from the world. Instead, we are located in a secluded area that is still easily within reach of Montezuma.

You can enjoy the privacy

You and your spouse will enjoy the privacy of our resort while still being able to visit the city for leisure activities. We also offer a variety of our own activities to keep the romantic ambiance alive. From moonlit dinners on the beach to restorative yoga sessions (good for the body and the soul), you and your partner will never be without something to do.

You can also choose to do nothing but enjoy each other’s company in the privacy of your luxury accommodations. Contact us today and start planning your once-in-a-lifetime, romantic honeymoon in Costa Rica.

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US Tourist Dies From Shark Attack in Costa Rica

Costa Rica News – In a tragic accident, a tourist has died in Costa Rica. This happened in Isla del Coco, by a shark attack.

We know that this person was a female American tourist, but her identity has not been disclosed.

It seems she was participating with a group of tourists in a diving session organized by a private company. A shark attacked her as well as a man who sustained leg injuries but is in stable condition.

The report of the death has been confirmed by the National Coast Guard Service of the Ministry of Public Security, based on preliminary data.

They say the boat of the private company that organized the trip to this island in the Costa Rican Pacific has set sail with the body of the woman as well as the wounded man at 2:30 pm yesterday.

The island is 523 kilometers from the coast of Puntarenas and the trip takes 36 hours by sea.

The boat will arrive tonight and the body will be removed by the Judicial Investigation Agency.

Christmas Food Trucks Festival in Costa Rica This Weekend

Costa Rica Events – A Christmas Food Trucks Festival is coming to Chinatown, San José, tomorrow.

18 trucks will offer varied cuisine. What a nice way to celebrate the beginning of December, such a festive time of year.

The main point of the event is on the Paseo de los Estudiantes and the activities begin at 11 am. The party will extend to several nearby stages for concerts. Son de Tikizia (4 pm), Malpaís, and others will brighten the day with music in the Plaza de la Democracia. The Youth Symphony Orchestra will delight us at 2 pm at the Plaza de la Soledad.

You will be able to taste plates from Il Volpino, Mr. Shawarma, The Kitchen, Grill Out, Slush, Aguizotes, La Ventanita from Meraky, Central Pub, Pipos Dogs, Dona Dona, TBCY, Bombona, DR Grill, La Cevichería and El Yerberito. Five micro-companies and several craft beer factories will join the gastronomic feast.

This is the first festival of its size, according to Tilak Babbar, producer and organizer of the activity. The idea is to turn ordinary space into cultural space and enjoy music and gastronomy with the whole family.

Costa Rica’s Nature Air Adding Planes & Flights

Costa Rica News – Nature Air has invested $10 million in purchasing five new aircraft to improve its operations in Costa Rica.

The firm is adding flights to David, starting December 1, which will be its second destination in Panama.

The new fleet is made up of three Caravan aircraft, for 12 passengers, and two Twin Otter aircraft, which carry 19 people each.

These replace the two aircraft currently covering 12 destinations within Costa Rica and the trips to Bocas del Toro, Panama.

Nature Air is the only airline with direct daily flights to Bocas and, soon, David. The tickets to David will be from $100, with promotions being launched on www.natureair.com.

Nature Air’s main competitor, Sansa, is working on launching new routes as well. It made a $12 million investment, in January, to strengthening its services and increase its fleet.  

U.S. Army Veteran Charged With Defrauding VA To Pay For Sports Bar In Costa Rica

Costa Rica News – The owner of a sports bar in Costa Rica has been charged with defrauding the U.S. Department of Veterans Affairs (VA) by claiming for years he couldn’t work because of headaches from a service-related car accident.

The Journal Sentinel reports Daniel Kososki, 53, an Army veteran from Wisconsin, told VA officials the headaches led to depression and then anxiety that made him extremely uncomfortable in crowds, unable to work and mostly holed up in his home.

After qualifying for Individual Unemployability — which pays as if you are 100% disabled — federal authorities say, Kososki bought and began operating Coconutz, a NFL-themed sports bar in the Costa Rican coastal town of Playas del Coco, Guanacaste.

Now, a federal grand jury has indicted Kososki for fraud, charging that he lied to the VA to obtain more than US$150,000 in VA benefits he didn’t deserve.

Federal court records list a Costa Rica address for Kososki and no attorney. Kososki did not immediately return attempts to reach him via an email address for the Costa Rica bar on Wednesday.

According to the indictment:

Kososki, formerly of Appleton, Wisconsin, served in the U.S. Army from 1982 to 1987. While on active duty, he was a passenger in a car that was involved in an accident, and later got disability benefits based on resulting injuries.

In 2006, he applied for Individual Unemployability, saying he suffered from headaches linked to head trauma from the crash, and that they were so severe he couldn’t work. He said the condition left him bed-ridden three days week, and blurred his vision so he couldn’t drive, read or watch television.

He was granted the extra benefit retroactively to 2005.

A couple of years later, he told the VA his headaches had left him depressed, and caused a seizure that resulted in his fall from a roof that injured his back and legs.

Later, during a 2015 exam at the VA, Kososki said he was suffering from anxiety that increased when he was around strangers in public, and so he avoided leaving home and had lost friendships and the ability to engage in hobbies and recreation.

Beginning at least in 2010, he submitted forms to the VA stating his service-connected disability prevented him from working.

Actually, according to prosecutors, Kososki had been working for an Appleton investment firm from 2006 to 2008 and left over a business dispute, not an inability to work.

Then in 2008 or 2009, according to the indictment, Kososki and a friend bought Coconutz Sports Bar & Grill in Playas del Coco in Costa Rica. Kososki put up $20,000 and the friend about $160,000. Kososki then actively managed the bar between 2009 and 2016, hiring employees, planning the menu, ordering supplies and interacting with customers.

In August, the indictment charges, Kososki told VA officials in a written statement that though he owned part of a Costa Rican bar, he had never worked there.

For a 2014 report on the global presence of Packers fans for Public Radio International, Kososki is quoted saying Coconutz is the only Packers bar south of Mexico. He told the reporter he has a Packers tattoo on his chest, and fills the bar’s 300 seats most football Sundays, predominantly with Packer backers.

In 2005, the State of Wisconsin denied Kososki a real estate sales license, citing his misdemeanor convictions in 2003 and 2004 for threatening phone messages and theft.

The administrative law judge who denied Kososki’s license appeal noted that the convictions show Kososki is “deceitful and dishonest” and likely incapable of selling real estate “in a manner that safeguards the interest of the public.”

From QCostaRica