Costa Rica: Delinquency rate grows for bank credits
Delinquency in credit portfolios for banks in Costa Rica, especially the state banks which control 70% of the market, has dramatically increased in the last few months.
Tuesday, November 4, 2008
Despite the increase, which in the state banking sector was at 39.7% between January and September, delinquency of more than 90 days remained below 3% of the total credit, which is the allowed limited, the General Superintendence of Financial Entities (Sugef) pointed out
There have now been seven consecutive months during which the default rate of borrowers from the Banco Nacional de Costa Rica has increased, having exceeded the normal limit of 3% over the past three months.
While analysts regard the 7.6% increase as low, it at leasts suggests that the economy is slowly recovering.
By July, 2.215 of all loans outstanding are more than 90 days behind in their payments, according to Sugef data.
As of November 2008 overdue loans in the banking system rose to $264 million, 85% more than in December 2007 when it was at $142 million.
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