The Government resorted to “pawning grandma’s jewels” to be able to face the debts for the next quarter. Those are the simple words to understand the government’s decision Tuesday afternoon of the issuance of ¢498 billion colones in treasury bills, which can be acquired by the Banco Central de Costa Rica (BCCR) – Central Bank of Costa Rica – for the amount necessary to cover the temporary deficit.
Finance Minister Rocío Aguilar
Finance Minister Rocío Aguilar and the president of the BCCR, Rodrigo Cubero, explained the treasury bills, with a term of 90 days (when the money is to be returned to the BCCR) is an emergency measure to finance current spending.
Cubero said that the purchase of “treasury bills” will not have inflationary effects since it is