Costa Rica's savings interest rate rises to 7%

For the fifth time this year, Costa Rica's interest rates are heading higher.

Thursday, July 24, 2008

The latest adjustment reflects the fact that most financial institutions have raised their interest rates paid for savings in colons. As recently as April 16 the rate was just 4.25 percent.
This means that indexed credits in colons at this rate will probably be raised and borrowers wil have to pay a bit more.
A corresponding increase can be expected for loans in local currency, and this will be an incentive for savers.

More on this topic

Costa Rica central bank hikes base interest rate by 0.75 points

July 2008

Costa Rica's central bank announced an increase of 0.75 percentage points in the base lending rate (TBP).

The rate now stands at 6.50 percent, up from 5.75 percent on July 9, and a record low of 4.25 percent four months ago.
So far this year, the rate has been increased four times. The latest increase follows a decision by a majority of financial intermediaries to raise their interest rates for savings in colons.

Basic Passive Rate Goes Up in Costa Rica to 11.25%

July 2009

The change in the Basic Passive Rate of 11% to 11.25% announced by the Central Bank of Costa Rica goes into effect today.

According to Elfinancierocr.com, “This is the first rise in the last four weeks. Since June 11th, it has been at 11.0%.”

The basic passive rate is an average of saving interest rates in colones for terms of 150 days (5 months) and 210 days (7 months). It is used as a reference for loans.

Costa Rica: Basic Rate Drops to 9.05%

January 2013

For the third consecutive week the Central Bank of Costa Rica’s basic borrowing rate has fallen, now standing at 9.05%.

This indicator is a weighted average of the interest rates of gross deposits in colones, negotiated by resident financial intermediaries, and the interest rates of deposit instruments of the Central Bank and Ministry of Finance, negotiated both in the primary and secondary markets, each corresponding to periods of between 150 and 210 days.

Costa Rica: Basic Passive Interest Rate Rises to 7.75%

September 2011

Increased demand for loans has led banks to raise their interest rates.

An increase in loans arranged by banks is one of the main factors causing the basic borrowing rate to go up from 7.5% to 7.75%.

The increased demand for loans, primarily mortgages, driven by the trade fair ‘Expo Casa’, led banks to make an adjustment in their active and passive interest rates..

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