Interest Rate Bands in Costa Rica

The Central Bank intends to use the interest rate as its main instrument for monetary policy.

Thursday, October 21, 2010

The bands are set by the Monetary Policy Rate (MPR) as the ceiling and the overnight Direct rate as a floor.

Gabriela Mayorga of reports, “The Central Bank Board decided to locate the level of the MPR at 6.50% per annum according to Article 8 of the minutes of session 5475-2010 - October 20th.”

More on this topic

Base Rate Increases to 9.75% in Costa Rica

June 2012

The passive base rate has increased by 25 base points, reaching a level of 9.75%.

The rise reflects an increase in deposit rates of commercial public banks.

The average deposit rates in public commercial banks rose from 9.5% to 9.7%.

"The indicator is calculated by the Central Bank of Costa Rica and published every Wednesday.

Base Rate in Costa Rica Down to 9.5%

June 2012

For the second time the passive base rate has dropped from 9.75% to 9.50% as of today June 21.

Last week it went down to 9.75% from 10%.

"This weeks reduction has been influenced by on the average rate of the Central Bank and public banks.

The average rate of state banks and Banco Popular went from 9.97% on 7th June, to 9.81% on the 14th, and to 9.51% this week", reported Patricia Leiton on the website of La Nacion.

Costa Rica's Reduces its Interest Rate Objective to 7.5%

August 2010

The Costa Rican Central Bank (BCCR) has cut its monetary policy managed rate (TPM in Spanish) by 0.5%.

BCCR believes that medium term inflationary pressures have subdued, taking into account underlying variation in prices. In addition, greater exchange rate flexibility has created favorable conditions enabling it to manage monetary policy more effectively," reports

Costa Rica bank rate jumps 1%

July 2008

Costa Rica's Central Bank raised its prime lending rate, or monetary rate, Thursday from eight percent to nine percent.

The bank's management committee also raised the gross rate for overnight deposits from 4.25 percent to 5.25 percent.
The monetary rate is used by the Central Bank to influence the market. It is the main tool for executing monetary policy.

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