Costa Rican Central Bank Raises Six-Month Deposit Rates

The Central Bank increased the interest rate in Central Directo from 10.28% to 10.87% for deposits of 180 to 359 days.

Thursday, March 5, 2009


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Patricia Leitón wrote in Nacion.com: "The gross interest rate rose from 10.28% to 10.87%. The overall rate does not include an 8% reduction on interests earned. If we exclude this tax, the net rate is 10%.
For six-month deposits, state banks offered an average net interest rate of 9.77% until February 24, while private banks offered a net interest rate of 10.68%."

More on this topic

Interest Rates Rise Again in Costa Rica

February 2012

The Central Bank of Costa Rica has once again increased interest rates on savings offered by the electronic platform Direct Central.

From a press release from the BCCR:

PRESS
San Jose, February 28, 2012
Interest rates - electronic deposits

We report a change in electronic savings rates to term, as follows:

Central Bank of Costa Rica raises passive interest rate

August 2008

In the last 35 days the Central Bank has raised the political rate two times and the rate for deposits three times.

On Tuesday, the interest rates on electronic deposits (via "Central Directo", an investment service offered by the Bank) rose again.
The gross interest rate (including the 8% tax) for deposits ranging from 180 days (six months) to 359 days (less than a year) rose from 7.23% to 7.73% and for 1-year deposits (360 days) it rose from 8.88% to 9.13%.

Costa Rica's Central Bank Lowers Interest Rates

November 2012

The interest rate on Electronic Fixed Term Deposits ranging from 30 days to five years has decreased by between 0.25 to 0.32 percentage points.

"For a period of 30 to 59 days (from one month and up to two months) the gross rate (not excluding the 8% tax) increased from 3.92% to 3.6% and for those within 60 days to 89 days (two months to less than three months), it increased from 5.5% to 5.2%.

Where are the Best Interest Rates?

March 2012

Costa Rican credit unions pay up to 4.25% more than banks on term deposits in local currency.

After two years of low rates, return on certificates of term deposits (CDP in Spanish) is rising and the best deals are with savings and credit unions (CAC in Spanish), which exceed those of the banks by 4.25 percentage points.

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