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.
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.”
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.