The Ministry of Finance and the Central Bank of Costa Rica (BCCR) published a review of the 2025 Financing Plan, maintaining overall funding needs but revising the split between domestic and external sources amid pending legislative approval of budget support loans and eurobonds. The Ministry had initially projected financing needs of CRC 3.5 trillion, with CRC 2.7 trillion from the domestic market and CRC 800 billion from external sources. Following the review, placements were adjusted to CRC 3.2 trillion domestically and CRC 300 billion externally; CRC 1.95 trillion (60.1%) has been raised so far, leaving CRC 1.25 trillion to be funded in coming months. Funding operations will continue through regular auctions of securities in colones and US dollars, alongside liability management measures such as debt exchanges and reverse auctions to improve the public debt maturity profile; the Ministry warned that the lack of eurobond approval is increasing pressure on the domestic market and could raise debt costs. For its part, the BCCR plans net market funding of CRC 484.260 billion during the semester, continuing weekly auctions of short-term Monetary Stabilization Bonds and offering 2-year and 5-year bonds monthly, with the aim of gradually shifting funds deposited in the one-day MIL to longer maturities.
Central Bank of Costa Rica 2025-08-21
Central Bank of Costa Rica and Ministry of Finance revise the 2025 financing plan and shift funding needs toward the domestic market
The Ministry of Finance and the Central Bank of Costa Rica reviewed the 2025 Financing Plan, adjusting the funding split between domestic and external sources amid pending legislative approval of budget support loans and eurobonds. The Ministry plans CRC 3.2 trillion in domestic placements and CRC 300 billion externally, with CRC 1.25 trillion remaining to be funded. The BCCR aims for CRC 484.260 billion in net market funding, continuing auctions of short-term and longer-term bonds to improve debt maturity profiles.