Central Bank of Costa Rica raises monetary policy rate
This instrument, which the authorities use to send signals to the market, was increased from 9% to 10%.
Friday, August 8, 2008
"The measure was adopted taking into consideration that the Central Bank will continue with a restrictive monetary policy to reduce the rhythm of growth of prices in the local market and to contribute toward achieving the desired inflation," said the bank in a statement.
Costa Rica's Central Bank raised its prime lending rate, or monetary rate, Thursday from eight percent to nine percent.
Costa Rica's central bank raised its monetary policy interest rate from 3.25 percent to 4.25 percent, the elfinancierocr.com website reported.
The Monetary Board believes that there are now conditions, limited and temporary, to reduce the monetary policy leading interest rate.
The Costa Rican Central Bank (BCCR) has cut its monetary policy managed rate (TPM in Spanish) by 0.5%.
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