Rising demand for dollars in mutual funds worries the central bank


QCOSTARICA РSupplementary pension operators РOperadoras de Pensiones Complementarias (OPC) Рhave in recent years become increasingly dollar-hungry participants in the Costa Rican market, a situation which has not gone unnoticed by the Central Bank (BCCR), nor by the Superintendance des pensions (Sup̩n)

Among the six pension fund administrators, they acquired $ 1.1 billion in 2020, double what they bought in 2016, according to information prepared by La Nación, based on data from Supén.

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But, in addition to the quantity, the destination also attracts attention. Unlike previous years when on average 60% of these currencies were directed towards local issues (mainly from the Ministry of Finance), in 2020, 95% of resources were invested in securities on the international market.

The sustained increase in foreign currency acquisitions led the Superintendency to summon operators to a meeting in early February to discuss the increase in currency risk, confirmed the representatives of the OPCs and Rocío Aguilar, head of the Supén.

“Meetings are held periodically with the supervised entities to analyze various issues and aspects related to their operations, including their participation in the forex market,” Aguilar said.

She added that the biggest purchase of foreign currency by mutual funds will depend on the investment strategy of each entity.

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Meanwhile, Rodrigo Cubero, president of the BCCR, admitted that they were watching the increase in demand for dollars and exposure to currency risk.

“In the case of mutual funds, this dialogue aims to ensure that the movement towards investment in foreign currency assets takes place in a manner compatible with macroeconomic and financial stability and with adequate risk management for members of mutual funds. retirement.,Cubero pointed out.

The head of the Central Bank clarified that, only in the case of the R̩gimen Obligatorio de Pensiones (ROP) РMandatory Pension Scheme, the balance of resources invested abroad showed an increase of $ 725.2 million, at the end of 2020, compared to 2019.

– Publicity –


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