When the banking and economic activities of Costa Rica started growing, the need to have a national entity to be the maximum authority, so, in 1950 according to the 1130 Law, in January 28th, 1950 the Banco Central de Costa Rica was created.
The 1130 Law includes a variety of reasons why the financial entity was founded as a “sidekick” of the Banco Nacional who was at the moment the main bank, but then, in the 1552 Law of April 23rd of 1953, also known as Organic Law of the Banco Central de Costa Rica, the Central Bank was declared the main financial entity of Costa Rica. This decision was final on November 3rd, 1953 when the 7558 Law was declared and substituted the first two laws.
According to the publication on La Gaceta No. 201 of October 18th, 2002, The Banco Central of Costa Rica is divided into:
Bank Services
1. Division of Financial Services. 2. Division of Gestion of Actives and Passives. 3. Department of Analysis and Risk Control. 4. Department of Institutional Services. 5. Department of Providers. 6. Department of Gestion of Human Resources. 7. Department of Budget and Operative Planning. 8. General Secretary Office.
The Banco Central of Costa Rica is in charge of emission of bills and currency, exchange rates, supervision of the different financial subdivisions and all the financial and economic matters of the country; including the many regulations for public and private banking entities.
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