For deposits longer than 1800 days, the rate also increased, going from 11.23% to 11.35%. This rates do not include an 8% tax on interests.
Journalist Patricia Leitón writes for newspaper Nación: "The minimum deposit for investing in these securities is ¢100.000 ($170), and they are purchased through the "Central Directo" system, available at the web site of the Central Bank. Anyone with a bank account can transfer resources to the Central Bank and invest in these deposits."
Interest rates on Termed Electronic Deposits (DEP) of less than 180 days increased by one percentage point.
The one day rate (overnight deposits) reached 7.75%. It was previously at 6.75%.
An article in elfinancierocr.com stressed that the DEP's, which are supplied by the Central Bank of Costa Rica, may have higher rates than the state banks: "Central Direct offers an 8.65% rate for 30 day DEP's; an electronic deposit in the National Bank yields 6.35% for the same time period."
Interest rate on 60 to 89 days Electronic Term Deposits (DEP), increased from 4.25% to 4.40%.
Terms on 90 to 179 days increased from 4.55% to 5.05% and for 180 to 269 days from 5.57% to 6.32%.
"This is the third interest rate change made by Central Bank after the sharp cut of 1.50 points made on August 19 August." La Nacion reports on its website, "…the rate for 180 days to 269 days was cut from 6.75% to 5.50% on August 19th and with Saturday´s adjustment it reached 6.32%."
The raw interest rate for securities maturing between 270 and 359 days rose from 6,75% to 7,65%.
For those maturing in 1.080 to 1.799 days, the rate increased from 9.6% to 10.5%.
“Héctor Mauricio Avila, director of the Assets and Liabilities Management Division of the Central Bank of Costa Rica, explained the increase as a result of increased yield in Central Bank securities auctioned on February 15”, reported Nacion.com.
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