Costa Rica: Basic Rate Goes Up to 12.25%
The increase in the passive base rate, valid beggining today, is of 0.25%.
Thursday, March 19, 2009
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.”
After 12 consecutive increases since May, there was a reduction of 0.25% this week; the basic rate fell to 10%.
The basic passive rate, an average of the interest rates for savings, rose from 9.25 to 10.25%, the highest increase recorded in a single week since May.
The basic passive rate will go up again today to 10.75%.
The half point drop effective from today, is the first for the year after two consecutive increases.
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