Banco Central de Costa Rica

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Inter-Bank Swapping

 

The service Currency Swapping (CAF, in Spanish) service was launched in October 2009, offering SINPE members a speedy mechanism to place their cash surpluses, through access to financial instruments that may be structured according to each participant’s specific needs.

 

 Región de Acordeón

Working Hours

• Constitution of operations - In real time, from 7:00 a.m.-6:00 p.m.  Entities that are not bound by reserve requirements may constitute their operations at any time of the day, only on working days. Investments are scheduled and renewed at 12:00 am on the date indicated as the value date.

 

• Liquidation of operations on due date - At 12:00 am of the date agreed as the due date (always on a working day.)

Special Conditions to Participate

SINPE members engaged in financial intermediation may invest only for terms of 270 days or more.  Intermediaries that are bound to keep a liquidity reserve at BCCR are exempted from this provision.

Service Functionalities

• Record of investments so they may be constituted in real time.

 

• Investment scheduling -Investments are constituted on a future date specified by the investor.

 

• Investment transfer-An investment may be transferred from its holder to another SINPE member.

 

• Investment renewal- An investment may be automatically renewed on its due date for the same term as the original investment.

 

• Inquiries about current and overdue investments

 

• Inquiries about projected estimation of interest and taxes

 

• Liquidation of overdue investments -Overdue investments are liquidated at 12:00 am on their due date.

Advantages

• Fund movements are applied directly to the account each participant has with the Banco Central de Costa Rica.

 

• Financial entities are offered a safe, efficient option for investing their cash surpluses.

 

• The CAF service may be accessed from any geographical zone where a participant may be, using SINPE’s connectivity platform.

Related Documents

System of Payments Regulations (Spanish)

Complementary Rule on Interbank Swapping (Spanish)

 

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