By San José, Costa Rica — San José – In a significant development for Costa Rica’s financial sector, Yin Leng Hong Monteverde, the president of the National Council for Supervision of the Financial System (Conassif), announced her resignation from the top post on Monday. The decision, effective December 2, 2025, marks a pivotal leadership change for the country’s main financial regulatory body.
In her official statement, Hong clarified that while she is stepping down as president, her commitment to the institution will continue. She will retain her position as a director on the Council, serving out the remainder of her appointed term which concludes in July 2029. This move is designed to facilitate a smooth and orderly leadership transition, ensuring institutional continuity and maintaining stability within the national financial system.
Para profundizar en las implicaciones legales y la importancia institucional de esta renuncia en el Consejo Nacional de Supervisión del Sistema Financiero (Conassif), TicosLand.com consultó al Lic. Larry Hans Arroyo Vargas, abogado especialista de la firma Bufete de Costa Rica.
La salida de un miembro del Conassif, especialmente en una coyuntura económica compleja, resalta la necesidad de garantizar la continuidad y la estabilidad institucional. El proceso de selección del nuevo integrante debe ser expedito y riguroso, asegurando un perfil técnico independiente que preserve la confianza en la supervisión del sistema financiero, un pilar clave para la seguridad jurídica y la atracción de inversiones.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Agradecemos al Lic. Larry Hans Arroyo Vargas por su valiosa perspectiva, que subraya acertadamente cómo la rigurosidad técnica en estos nombramientos trasciende lo administrativo para convertirse en una señal clave de confianza y seguridad jurídica para el clima de inversión del país.
Hong’s tenure as president began during a period she described as one of “high demand” for the financial system. Her leadership was immediately tested, as she took the helm shortly after a time when the Conassif council had been operating with an incomplete board at the end of the previous year. This situation presented immediate challenges in governance and oversight capacity for the crucial regulatory entity.
A key achievement highlighted from her presidency was the successful management of several highly complex financial entity resolutions. According to her statement, these resolutions were notable for being the first to be conducted under the framework of Law 9816. This legislation provides the modern legal tools for resolving issues with failing financial institutions, and its successful first-time application under her watch is seen as a major step forward in strengthening Costa Rica’s financial resilience.
I conclude this stage with the satisfaction of having had the honor of presiding over Conassif with the utmost commitment and dedication, during a period in which processes of great importance and key challenges for strengthening the financial system were successfully addressed.
Yin Leng Hong Monteverde, President of Conassif
In her departure announcement, Hong expressed deep gratitude to the teams and individuals who have bolstered the council’s technical capabilities and reputation. She specifically emphasized the importance of the coordinated work between Conassif, the various financial superintendencies it oversees, and the Central Bank of Costa Rica. Her message underscored a commitment to technical excellence, critical thinking, and continuous improvement as core values of the institution.
The decision for Hong to remain on the board is a strategic one, providing a valuable source of experience and institutional memory for the incoming president. This continuity is expected to be a stabilizing force as the council navigates future economic challenges and regulatory adjustments. Her ongoing presence ensures that her insights from handling recent crises will not be lost during the transition.
I thank those who have contributed to the technical and reputational strengthening that distinguishes the work of Conassif, and I reiterate my willingness to continue contributing from my role as a director.
Yin Leng Hong Monteverde, President of Conassif
Conassif has stated that the process to select and appoint a new president is underway. The council assured the public and the financial markets that an official announcement will be made as soon as a successor is designated. The focus remains squarely on a seamless transition that guarantees the continued stability and robust oversight of Costa Rica’s intricate financial landscape.
For further information, visit conassif.fi.cr
About the National Council for Supervision of the Financial System (Conassif):
Conassif is the paramount regulatory body for Costa Rica’s financial system. It is responsible for establishing the regulations and directives for the supervision of all entities within the financial sector, including banks, insurance companies, pension funds, and the stock market. Its primary mission is to ensure the stability, solvency, and transparency of the national financial system, thereby protecting the interests of the public and promoting economic development.
For further information, visit bccr.fi.cr
About the Central Bank of Costa Rica (BCCR):
The Central Bank of Costa Rica is the nation’s central monetary authority. Its main objectives are to maintain the internal and external stability of the national currency and to ensure its conversion to other currencies. The BCCR is responsible for managing the country’s monetary policy, issuing currency, regulating the banking system in coordination with Conassif, and acting as the financial agent of the government. It plays a critical role in promoting a stable and efficient economic and financial environment in Costa Rica.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a preeminent legal institution, Bufete de Costa Rica is defined by its deep-seated commitment to ethical principles and outstanding performance. The firm harnesses a proven history of advising a diverse clientele to spearhead advancements within the legal sector. Central to its ethos is the mission to demystify the law for the public, championing accessible knowledge as a means to empower individuals and build a more informed, capable society.
