Costa Rica: Increase in Credit Interest Rates in Dollars

Interest rates for housing and consumer loans, among others, have risen since last November.

Wednesday, January 18, 2012

In the case of mortgages, the interest rate applied by state banks rose from 9.43% in November to 9.84% in January and the rate applied by private institutions moved from 8.32% to 8.68% in the same period.

"For other activities, including consumer credit, the percentage rose from 9.92% to 10.29% in the state banks, and from 9.32% to 10.14% in private ones.

Both the Central Bank and bankers consulted agree that the increase is a reflection of the decreased amount of dollars that banks have to lend", reports Nacion.com

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More on this topic

Effective Rate in Dollars Keeps Rising

October 2019

While the Basic Passive Rate remained at 5.65% for the second week, the Effective Rate in Dollars reported a new increase, in this case from 2.49% to 2.52%.

The Central Bank of Costa Rica published on Wednesday afternoon October 30 that after recording an increase the previous week, the Basic Passive Rate will remain unchanged at 5.65% until next November 6.

Interest Rates Rise in Costa Rica

November 2017

The Passive Base Rate rose from 5.85% to 5.90%, while the Effective Rate in Dollars also increased from 2.12% to 2.17%.

The Central Bank of Costa Rica published on the afternoon of Wednesday, November 22, news that after not having registered any movement last week, the Passive Base Rate rose 0.05%, and the level at which it will remain until next Wednesday, November 29 is 5.90% [GRAFICA caption = "Click to interact with graphics"]

Costa Rica: Slow Down in Dollar Loans

November 2017

As of September of this year, the bank loan portfolio granted to the private sector registered a 5% YoY growth, well below the 13% registered in the same month in 2016.

Changes in the rules that banks follow when granting loans in dollars, an increase in interest rates and a brief but sharp devaluation suffered by the exchange rate in May are some of the reasons behind the reduction in the speed with which the credit portfolio in dollars is growing.

Credit in U.S. Dollars Grows 17% in Costa Rica

June 2012

High interest rates in colones have encouraged a demand for credit in dollars, while local currency loans have grown by only 8.8%.

From Aldesa’s Blog, Pulso Bursátil:

The latest data from the Costa Rican Banking Association shows that high interest rates in colones have encouraged a demand for dollar credit.

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