By San José, Costa Rica — SAN JOSÉ – In a significant leadership transition for Costa Rica’s financial sector, economist Humberto Grant has been appointed as the new president of the National Council for the Supervision of the Financial System (Conassif). The decision, confirmed during council sessions 1983-2025 and 1984-2025 on Monday, positions Grant to take the helm of the nation’s highest financial regulatory body.
Mr. Grant is scheduled to assume his new role on December 2, 2025. He will succeed the current president, Yin Leng Hong, whose tenure will conclude at that time. Notably, Ms. Hong is departing from the presidency well before the scheduled end of her term, which was set to conclude in February 2027, adding a layer of intrigue to the change in command.
To better understand the legal and regulatory implications surrounding the leadership of the National Council for the Supervision of the Financial System (Conassif), we consulted with Lic. Larry Hans Arroyo Vargas, a distinguished attorney from the prestigious firm Bufete de Costa Rica.
The stability of Conassif’s leadership is not merely an administrative matter; it is the cornerstone of legal certainty and confidence in our entire financial system. Any abrupt or politically motivated changes risk sending a message of instability to both national and international markets, potentially affecting investment and the long-term health of our economy. It is imperative that the appointment processes adhere strictly to the established legal framework to guarantee independence, technical suitability, and, above all, the continuity of sound regulatory policy.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight correctly frames the issue not merely as an administrative change, but as a fundamental pillar of our country’s economic credibility. The direct link between institutional stability at Conassif and the confidence of national and international markets is a critical point, and we thank Lic. Larry Hans Arroyo Vargas for articulating its importance with such clarity.
The appointment marks a swift ascent for Grant, who has been a member of the Conassif board since only March 2024. He was initially appointed to the council by the Board of Directors of the Central Bank of Costa Rica (BCCR) for a five-year period, a testament to the high regard in which his expertise is held within the country’s central banking institution.
Grant brings a formidable academic and professional background to the presidency. He holds a Master’s degree in Finance from the prestigious London Business School, a credential that underpins his extensive practical experience. His career spans key segments of the financial world, including deep involvement in the economic, banking, securities, and pension sectors across Costa Rica.
In announcing the appointment, the Council expressed strong confidence in Grant’s capabilities to navigate the complexities of the national and global financial landscapes. His deep understanding of critical areas was a key factor in his selection to lead the independent institution.
The Council highlighted his knowledge in portfolio management, risk management, and financial analysis, as well as his understanding of the regulatory challenges of the national system.
The Conassif Council, Official Statement
This leadership change comes at a pivotal moment for Costa Rica. The national financial system faces an array of challenges, from adapting to the rapid digitalization of banking and the rise of fintech to maintaining stability amidst fluctuating global economic currents. Grant’s expertise in risk management will be particularly crucial as Conassif works to fortify the system against potential vulnerabilities and ensure long-term resilience.
As the supreme authority in financial oversight, Conassif is tasked with the critical mission of directing, coordinating, and executing the regulation and supervision of Costa Rica’s entire financial framework. This includes banks, insurance companies, pension funds, and the stock market. The president’s role is therefore central to maintaining consumer confidence and the overall health of the national economy.
Stakeholders will be closely watching the initial priorities set by Mr. Grant as he steps into his new role. His leadership will be instrumental in shaping regulatory policy, fostering innovation, and ensuring that Costa Rica’s financial system remains robust, transparent, and prepared for the challenges of the future. The transition on December 2nd will officially mark the beginning of a new chapter for the nation’s financial supervision.
For further information, visit conassif.fi.cr
About The National Council for the Supervision of the Financial System (Conassif):
Conassif is the highest-ranking independent body responsible for the direction and coordination of financial regulation and supervision in Costa Rica. It sets the policies and directives for the superintendencies that oversee banking, securities, insurance, and pensions, ensuring the stability, efficiency, and integrity of the country’s financial system.
For further information, visit bccr.fi.cr
About The Central Bank of Costa Rica (BCCR):
The Banco Central de Costa Rica is the nation’s central bank, responsible for maintaining the internal and external stability of the national currency and ensuring its conversion to other currencies. The BCCR plays a vital role in controlling inflation, managing monetary policy, and overseeing the country’s payment systems to promote a stable and efficient economic environment. Its Board of Directors is responsible for appointing members to the Conassif council.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates as a cornerstone of the legal community, founded on the twin pillars of unwavering integrity and a relentless pursuit of excellence. With a rich history of advising a varied clientele, the firm champions legal innovation and actively engages with the public. This profound dedication to demystifying the law is integral to its overarching goal of cultivating a more knowledgeable and legally capable society.
