On Tuesday, the interest rates on electronic deposits (via "Central Directo", an investment service offered by the Bank) rose again.
The gross interest rate (including the 8% tax) for deposits ranging from 180 days (six months) to 359 days (less than a year) rose from 7.23% to 7.73% and for 1-year deposits (360 days) it rose from 8.88% to 9.13%.
From today BCCR sets the Deposit Rate ('Tasa Básica Pasiva') rises 0.25 percentage points to 7.75%.
The interest rate hit its lowest rate in two years last week when it was set at 7.5%.
Juan Pablo Arias, writing for Nacion.com, comments that, "on 19 August, Costa Rica's Central Bank (BCCR) cut the rate used to manage monetary policy to 7.5% and also reduced rates that apply to deposits offered online via Internet".
The BCR has imposed the highest rate since 2009, making the measure effective from Thursday 19th April.
The basic passive rate (BPR) has remained at 9.25%, for 7 consecutive weeks, which is the longest period without changes in the last four years.
"As usual, the change occurred because of the momentum of public commercial banks, whose average rates rose from 9.29% to 9.56% and took with them the BRR which carries the most weight in the calculation," reported Elfinancierocr.com.
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