Costa Rica: Basic Rate at Highest this Year

With a half-percentage point increase, the basic passive rate (TBP in Spanish) has reached 8.25%, the highest value yet recorded in 2011.

Thursday, November 10, 2011

The increase in the TBP to 8.25% occurs after it remained for nearly the entire month of October at 8% and last week was only 7.75%.

An article on Nacion.com states: "For Fernando Naranjo, manager of Banco Nacional, the increase reflects a growth in demand for credit. This forces banks to attract more customers, and compete with higher interest rates."

The basic passive rate is an average of the interest rates for savings in colones for periods between 150 days (5 months) and 210 days (7 months) calculated by the Central Bank.

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