The Central Bank of Costa Rica (BCCR, by its acronym in Spanish) primarily works to keep inflation under control and safeguard the stability of the national currency, by coordinating with the National Council for the Supervision of the Financial System (CONASSIF, by its acronym in Spanish) to promote the safety and efficiency of the financial system.
About BCCR
About BCCR
We are the institution responsible for safeguarding the county’s economic stability. We work to keep inflation under control, protect the value of our currency, and ensure that the financial system and the payment system are safe, efficient, and accessible to all Costa Ricans.
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- History
- Mission and vision
- Former Presidents of the Central Bank
- History of the museums and their collections
- Cultural heritage
History
As Costa Rica’s economic and banking activity grew, a need arose to create a Central Bank to serve as a higher authority than that exercised by the Currency Issuing Office, which up to that point (1945) was attached to Banco Nacional de Costa Rica. The Banco Nacional was established toward the end of 1936, when the former International Bank was reorganized.
In 1948, when private banks were nationalized by decree (deposit-taking from the general public) and considering the need to provide the then-new National Banking System with an adequate organic integration and an effective State direction, it became more of an imperative to create a Central Bank to function as an autonomous body to govern the country’s economic, monetary, and credit policy. Law No. 1130 from 28 January 1950 was enacted to this end. Thus, the Central Bank of Costa Rica was established with its own, duly defined characteristics, so that it could serve as a Centralized Body governing the country’s economy.
Due to the relevance such founding had for the country’s banking history, the Bill that resulted in Law No. 1130 includes several rationales to support the decision of the Executive and Legislative Branches to issue and pass this law, which was initially transitory in nature, as the Central Bank would have the same functions and powers that the Banco Nacional’s Issuing Department had, until it stopped operating altogether. At that point the Central Bank began operating subject to the provisions of both laws - the one it was founded under, and the law governing the Issuing Department. Law No. 1552, namely Organic Law of the Central Bank of Costa Rica, was subsequently enacted on 23 April 1953, and was in turn replaced by Law 7558 of 3 November 1995opens in a new tab.
Mission
To maintain low and stable inflation, while preserving a sound external position, and, in collaboration and coordination with other entities, promoting the stability and efficiency of the financial system to contribute to the full harnessing of productive resources and Costa Rica’s well-being.
Vision
To become a consolidated, autonomous, and efficient central bank with the ultimate goal of, within the scope of its mandate, improving the quality of life of the population.
Values
Continuous improvement
We promote a culture of continuous improvement and incorporate best practices into the services the Bank provides to society.
Commitment
We carry out our work and responsibilities with discipline and integrity.
Accountability
We provide clear, accurate, and timely information about our actions and how they contribute to the objectives established by the law.
Adaptability
We continually strengthen our capabilities to learn and adapt to the challenges posed by an ever-changing environment.
Teamwork
We encourage collaboration to leverage our skills and experience in achieving shared results.
Former Presidents of the Central Bank
History of the Museum and its Collections
The Museum of the Central Bank of Costa Rica, first opened in 1994, is a cultural space that showcases the country’s rich historical and artistic heritage. Its origins date back to the establishment of the Central Bank in 1948, an institution focused not only on promoting economic stability but also on preserving Costa Rica’s cultural heritage. The museum is located in a modern building that combines contemporary design with Costa Rica’s architectural heritage. Over the years, the Museum’s collections have expanded to include everything from the history of money in Costa Rica to artistic and cultural expressions from different periods. At the same time, the Museum plays a fundamental role in the education about and the dissemination of the country’s economic and social history, thus becoming a cultural reference within the region.
The Beginning
The Museum is placed in a building designed by Costa Rican architect Jorge Manuel Dengo, known for his modern architectural approach. The construction began in 1991 and was completed in 1994.
The building stands on the site of the ruins of a former church in the city of San José, adding historical significance to the space. Its design blends contemporary with Costa Rica’s cultural heritage, a choice that reflects the country’s national identity. The facade in concrete and glass allows natural light to fill the interior spaces, thus creating a warm and dynamic environment.
The Museum was conceived not only as a space to display collections, but also as an educational and cultural center. Since its inauguration, this space has hosted temporary exhibitions, educational activities, and cultural events, making it a gathering place for the community and visitors alike.
Its strategic location, in the heart of San José, facilitates accessibility while increasing its appeal for both Costa Ricans and tourists, a fact that contributes to the appreciation of the country’s history and culture.
Current Scenario
Today, the Museum of the Central Bank of Costa Rica continues to serve as an important cultural and educational hub. It offers a variety of permanent and temporary exhibitions on topics such as Costa Rica’s economic history, the evolution of money, and the country’s cultural heritage.
The Museum is also known for its art collection, which includes pieces by contemporary Costa Rican artists as well as pre-Columbian artifacts, reflecting the country’s rich cultural diversity. In addition, activities and workshops are organized for a wide range of audiences, including guided tours, lectures, and educational programs for students.
Simultaneously, the Museum has maintained and upgraded its facilities to provide visitors with a more interactive and accessible experience. Technology has been integrated into the exhibitions, helping visitors gain a deeper understanding of the topics on display.
The Museum continuously promotes research and raises awareness of the country’s cultural heritage, thus contributing to Costa Rica’s national identity and to a broader understanding of its economic history. It also participates in regional and international museum networks, further enriching its cultural and educational proposals.
Take a Tour of the Central Bank Museum
Collections
The BCCR, committed to preserving the nation’s cultural and archeological heritage, developed its pre-Columbian gold collection between 1950 and 1974. During the same period, it expanded its numismatic collection and began acquiring works by Costa Rican artists. At the beginning, a public gallery was open in the Bank’s main building; however, as the collections grew, a special facility was built to house the pieces.
Aimed at managing its cultural initiatives more effectively, the Foundation for the Administration of the Museums of the Central Bank was established on November 10, 1993, under Law 7363. Since that moment on, a highly qualified interdisciplinary team of professionals has worked to offer visitors new and diverse exhibitions. Research, technical publications, educational activities, workshops, and concerts are also part of the Cultural Center’s proposals, reflecting its ongoing commitment to excellence through education.
Museums of the Central Bank
Visit the Museum’s website to learn about the collections and stories that are part of Costa Rica’s cultural heritage.
Collections at the Central Bank of Costa Rica
The main building of this Museum is home to a variety of pieces and works by different artists, including the collections presented below.
Cultural Heritage
The Central Bank of Costa Rica, with the purpose of preserving the nation’s cultural and archaeological heritage, developed its pre-Columbian gold collection between 1950 and 1974. During the same period, it expanded its numismatic collection and began acquiring works by Costa Rican artists. At the beginning, a public gallery was open in the Bank’s main building. However, as the collections grew, a special museum was built to house them.
In order to manage more effectively its cultural work, on 10 November 1993, the Foundation to Administer the Central Bank’s Museums (Fundación para Administrar los Museos del Banco Central) was created through Law No. 7363. Ever since, a qualified multi-disciplinary group of professionals diligently work to offer new and varied exhibitions to visitors. Research work, technical publications, activities, workshops, and public concerts are also offered by the Cultural Center, in its permanent pursuit of excellence through education.
Plaza de la Cultura Project
After several years of efforts led by the Legal Advisory and Administrative divisions, with the support of the Board of Directors, the Presidency, and the Senior Management of the Central Bank of Costa Rica, in 2018, the Costa Rican Government completed the process to donate to the BCCR several land plots where the Plaza de la Cultura project was developed. As a result, the Bank became the sole owner of this property, with full ownership rights, which enables BCCR to manage the relevant legal and administrative matters including the physical and legal consolidation of the assets without any of the constraints faced in the past.
The immovable property donated by the Costa Rican Government includes part of the Plaza de la Cultura esplanade (three facilities next to the National Theatre), the ‘Juan Mora Fernández’ Park, and a lot on 3rd Street, between Fernández Güell and Second Avenues, knowns as the “National Arcades,” a historic and architectural landmark with unique features that will play an important role in the institution’s plans for the continued development of this project.
The Plaza de la Cultura project dates back to 1977, when Law 6025 declared the construction of this space as “of public interest and a national project” and entrusted the Central Bank with the administration and maintenance of the property. However, some of the estate remained under the government’s ownership, limiting the Bank’s ability to manage it from both a legal and administrative perspective.
To address this situation, in 2014, the BCCR Board of Directors resolved to request the Executive Branch to complete the final donation of the property to the Bank. Following the subsequent administrative process, the Government approved the request through Resolution No. 002-2018, dated January 18, 2018. The standard donation and property consolidation procedures were then completed, and the transfer was finalized in June 2018.
With the property now under its ownership, the Central Bank has reaffirmed the original purpose of Plaza de la Cultura: to provide a space for recreation and enjoyment in the capital city, one of great cultural and architectural significance, a landmark for urban tourism, and a place that protects the Museums of the Central Bank’s building and the collections it houses.