Basic Rate Climbs to 12% in Costa Rica

The reference rate for setting interest rates in savings and loans increased by 75 basis points.

Thursday, July 9, 2009


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With this increase, investors receive better returns and debtors will have to pay more for their loans.

A La Prensa Libre article quotes comments of Pablo Villalobos, monetary and financial statistics head at the Costa Rica Central Bank: "... the competition between banks to capture resources has become tougher in the last two weeks. Financial intermediaries hope for credit to rise in the second half of the year".

More on this topic

Base Rate Rises to 12% in Costa Rica

February 2009

The rise of a half of a percentage point will take place starting today, being the maximum level registered during 2009.

Nacion publishes on its website: "Henry Vargas, an expert in the area of Statistics at the Central Bank, stated that this increase in the base rate has taken place due to commercial banks changing their funding strategy, which consists of getting less from external resources and capturing more within the local market.”

Basic rate goes up to 11.25% in Costa Rica

November 2008

The rate increase of half a percentage point, effective today, bring the interest rate to 11.25% until November 26, the Central Bank reported.

Competition among financial intermediaries to attract resources from important clients is one of the main reasons that caused the basic passive rate to go up half a percentage point this week.

Basic interest rate lowered to 10% in Costa Rica

October 2008

After 12 consecutive increases since May, there was a reduction of 0.25% this week; the basic rate fell to 10%.

The basic passive rate is an average of the interest rates for savings in colones for terms of 150 days (5 months) and 210 days (7 months). It is used as a reference for loans.

Basic interest rate goes up to 10.25% in Costa Rica

October 2008

The basic passive rate, an average of the interest rates for savings, rose from 9.25 to 10.25%, the highest increase recorded in a single week since May.

The basic passive rate is an average of the interest rates for savings in colones at terms of 150 days (5 months) and 210 days (7 months). It is used as a reference for loans.

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