Costa Rica's Central Bank raises interest rates to 8%
The short term interest rate, which is used by the Central Bank to influence the market, rose 100 basis points Thursday to eight percent.
Friday, June 20, 2008
The rate jump was made possible by movements the currency has undergone since it began a limited float.
The Central Bank of Costa Rica has announced a new monetary policy rate adjusted to a value of 5%, as part of a new system of monetary control.
The Central Bank has reduced the monetary policy rate from 2.25% to 1.75% and the gross interest rate for overnight deposits through the Direct Central electronic system by 0.57%.
The BCCR increased interest rates for electronic deposits in colones acquired over the internet.
In an attempt to boost the economy, for the third time so far this year, the Central Bank has made a downward adjustment to the monetary policy rate, lowering it from 4.5% to 4%.
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