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.
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.
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.
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