Costa Rica's state-owned banks raise rates for credits
State-owned banks in Costa Rica raised lending rates in colons by 1-1.5 percentage points in the last week of April and by half a percentage point for credits in dollars, according to central bank statistics.
Wednesday, May 14, 2008
Private-sector banks, meanwhile, have kept their lending rates steady.
A new increase in interest rates has put Costa Rica's banks on a contingency footing.
Interest rates in Costa Rica have risen by 1.25 percentage points in recent weeks. The increase follows a drop over the previous two and a half years from 15.25% to 4.25%.
A period of low interest rates in Costa Rican colons appears to be coming to an end as analysts foresee increases in the coming months.
Costa Rica's development bank program, which is to get underway in January, will provide loans at subsidized interest rates.
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