2015-2019 Strategic Plan
The 2015-2019 Strategic Plan of the Central Bank of Costa Rica will guide and govern the Institution's activities during the next four years, in keeping with its institutional responsibilities as established in the Organic Law. As specified in Article 6 of Session 5829-2018, held on June 8, 2018, the Board of Directors of the Central Bank of Costa Rica agreed to extend the term of that Strategic Plan to 2019.
Governing ideas
• Mission: Contribute to society’s well-being, by maintaining the internal and external stability of the currency, its conversion into other foreign currencies, and contributing to the full use of productive resources.
• Vision: To be a central bank acknowledged by society for its ethics, technical capacity and transparent operation, with a commitment to achieving its mission.
• Values:
• Permanent improvements: We promote a culture of permanent improvement, and adopt best practices in the Bank’s management, to provide high-quality services.
• Integrity: We are dependable, act with rectitude and integrity, and comply with our commitments.
• Transparency: We promote accountability and report in a clear, accurate and timely fashion on our actions.
• Commitment: We carry out our work and the responsibilities that it entails with discipline and honesty.
Strategic pillars
• Human Resources: Promote high performance of the BCCR’s human resources by developing operational excellence to achieve the Institution’s goals.
• Processes: Promote management based on permanent improvements and process innovation, applying good practices and risk management, seeking to achieve our proposed goals and fulfill customer needs.
• Technology: Manage the Bank’s services by streamlining process efficiency and quality, and adding value to the Institution.
• Communication: Improve understanding of the functioning of the economy, delivering clear and timely messages related to monetary, exchange and financial policies.
The principal functions of the Banco Central de Costa Rica are:
• To maintain external value and conversion of the national currency.
• To safeguard and manage the country’s International Monetary Reserves.
• To define and manage the monetary and exchange rate policy.
• To act as the State’s advisor and cashier bank.
• To promote favorable conditions for strengthening the National Financial System’s liquidity, solvency and proper functioning.
Main objetives of the Central Bank of Costa Rica
• Maintain internal stability of the national currency: Achive a local 12-month inflation rate within the target rabge defined in the Macroeconomic Program, consistent with the convergence of the country´s main trading partners towards long-term inlfation.
• Mantain external stability of the national currency and ensure its free conversion to other currencies: Prevent the country from entering into a balance of payments crisis, maintaining the current account deficit at levels compatible with sustainable financing in the medium and long term, and a level of net international reserves consistent with the requirements of the Costa Rican economy.
• Stability, competitiveness and efficiency of the financial intermediation system: Promote a stable, efficient and competitive financial system.
• Promote efficiency of the internal payment system and maintain its normal operations: Reduce the cost to the economy of meeting transaction needs.
• Achive an internal organization oriented towards operational excellence: Make improvements to the organizational structure of the Central Bank and its Fully Autonomous Bodies, as well as to their interrelationships, to develop a modern structure in accordance with best practices which responds effectively and efficiently to the Bank's strategy.
