Last time Basic Passive Rate reached this level was in August, 14th, 2008.
Last week the Central Bank, Treasury Ministry, state-owned and private banks reduced their interest rates, reported the Central Bank. "Nevertheless, state owned banks had the strongest influence in this reduction, as they lowered their interest rates the most".
Starting Thursday, September 30, the Passive Basic Rate (TBP) will stand at 7.50%.
El Financiero, on its website explains "the TBP is a weighted average interest rate of gross uptake in Colones, negotiated by financial brokers operting in the country as well as by Central Bank and the Ministry of Finance.”