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Costa Rican authorities became aware of Liberty Reserve in 2009 and informed the business it needed a license to operate as a money transmitting business. [6] In 2011, Liberty Reserve was denied a business license in Costa Rica, according to state prosecutor José Pablo González, due to lack of transparency about how the business was funded.
The pattern of public expenditure and revenue in Costa Rica is typical of a middle income country. According to the CIA World Factbook, in 2012, central government revenue was US$6.949 billion, while expenditure was $8.937 billion. [1] In recent years, expenditure has grown faster than income, producing deficits.
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Four private banks, the Banco Anglo–Costarricense, the Banco Comercial de Costa Rica, the Banco de Costa Rica and the Banco Mercantil de Costa Rica, issued notes between 1864 and 1917. The Banco Anglo–Costarricense was established in 1864 and issued notes from 1864 to 1917. It later became a state-owned bank and in 1994 went bankrupt and ...
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Costa Rica's economy was historically based on agriculture, and this has had a large cultural impact through the years. Costa Rica's main cash crop, historically and up to modern times, was Bananas. The coffee crop had been a major export, but decreased in value to the point where it added only 2.5% to the 2013 exports of the country. [61]
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In pursuit of its mission, and to maintain the economy’s internal and external balance, the goals and operating objectives of the Central Bank of Costa Rica are as follows: Maintain internal stability of the national currency, seeking to turn the full employment of productive resources.