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Costa Rica's Chinchilla ready to defend currency

Friday, February 15, 2013

Costa Rica's president said on Thursday that she was ready to take more steps to prevent flows of foreign capital from driving the country's currency higher.

President Laura Chinchilla said she was worried a capital controls bill sent to Congress could stall, reviving interest from speculative investors that have tipped the Central American nation into a battle over its currency.

Business leaders are concerned that an appreciation in the currency could hurt the tourism industry and coffee exporters, who sometimes receive payments in dollars.

Source: Reuters