Basic Rate Up 0.75% in Costa rica

The Basic Passive Rate now stands at 12.75%, highest value recorded in 2009.

Thursday, July 16, 2009

This increase would be partially in response to state banks raising savings rates.

"Since July 1st, the average interest rate for 180 days deposits paid by Banco Nacional, Banco Popular and Banco de Costa Rica raised 180 basis points, reaching 10.13%", states an article in Elfinancierocr.com.

More on this topic

Costa Rica: Basic Passive Interest Rate Rises to 7.75%

September 2011

Increased demand for loans has led banks to raise their interest rates.

An increase in loans arranged by banks is one of the main factors causing the basic borrowing rate to go up from 7.5% to 7.75%.

The increased demand for loans, primarily mortgages, driven by the trade fair ‘Expo Casa’, led banks to make an adjustment in their active and passive interest rates..

Costa Rica's Basic Rate Now at 12.25%

July 2009

Starting tomorrow, the Basic Passive Rate, also known as TBP, will be 12.25%.

The Basic Passive rates has registered successive increases in June, the highest of them 0.75 percentage points.

"This reduction however, comes as a surprise, as in the last weeks there were contradictory signals on the direction it could take", noted Edgard Delgado in an article in El Financiero's website.

Basic interest rates goes up to 10.75% in Costa Rica

November 2008

The basic passive rate will go up again today to 10.75%.

The 0.75 percentage point increase comes after three consecutive weeks of a downward trend in the index.

Pablo Villalobos, head of Monetary and Financial Statistics at the Central Bank, explained yesterday that the adjustment occurred because a certain bank had acquired a significant amount of funds for which it paid an interest rate that was higher than the normal market rate.

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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