Costa Rica: Basic Rate Rises to 8.25%
The new rate reflects an increase in public banks deposits, which rose from 6.53% to 8.13%.
Thursday, October 7, 2010
One factor that could explain the higher rates paid by public banks for deposits in Colones are the unusual Dollar purchases made by the public sector to Monex last week. These institutions bought more than $ 100 million in just 5 days, which implies a demand for Colones in order to pay for those Dollars, especially at the end of the month.
After spending last week at 6.75%, the passive basic rate will be set tomorrow at 7.25%.
With a half-percentage point increase, the basic passive rate (TBP in Spanish) has reached 8.25%, the highest value yet recorded in 2011.
The base rate (BPR) has gone up half a percentage point to stand at 11%, the highest value so far this year.
With a decline of half a percentage point, the rate will stand at 10% starting the September 6.
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