Central Bank of Costa Rica increases basic rate to 8.50%
The passive basic rate (an average of the interest rates for savings in colones at terms of 150 to 210 days) goes up starting today, from 7.75% to 8.50%
Thursday, August 28, 2008
This is the ninth increase so far this year and the third at 0.75 points. At the current value, the basic rate is at the highest recorded during this year.
Negotiations carried out this week with titles from the BCCR (Central Bank) and the Government in the secondary market were part of the effect that cause the increase in the basic passive interest rate which comes into effect today.
The basic passive rate, which is an average of the savings interest rates, will go up today by 0.5 percentage points, from 8.75% to 9.25%.
With an increase of a quarter of a percentage point, the Basic Passive Rate is at 7.75%.
Costa Rica's central bank announced an increase of 0.75 percentage points in the base lending rate (TBP).
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