Basic interest rate goes up to 10.25% in Costa Rica

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.

Thursday, October 2, 2008


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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.
Pablo Villalobos, head of monetary and financial statistics at the Central Bank, stated that due to an extra element that occurred this week was that the bonds that expired last week, especially those from the Ministry of Finance were not renewed.
This "caused" a significant part of these resources to be carried to certain banks which were simultaneously increase the rates," he commented.
Hence those entities increase their part in the weighting.

More on this topic

Costa Rica: Basic Rate Goes Up to 12.25%

March 2009

The increase in the passive base rate, valid beggining today, is of 0.25%.

The person in charge of monetary and financial statistics for the Central Bank of Costa Rica, Pablo Villalobos, told la Nacion "that this week’s increase in the base rate was due to some brokers raising their rates and others lowering them, but increases weighed a little more on the average.”

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 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 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.

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