This rate recently dropped 50 basis points (0.5%) to 7.25%, emphasizing its excessive volatility through 2010.
In its most recent report on price increases, the Central Bank of Costa Rica noted that these changes are caused by large transactions executed by some banks with state entities under preferential rates.
This implies a considerable problem in how the rate is calculated, as the indicator should reflect macroeconomic changes in inflation, economic activity and credit, and not be so vulnerable to specific transactions.
The Central Bank of Costa Rica has reported that as of May 30, the base rate will drop 0.5% after remaining for three consecutive weeks at 6.70%.
This is the lowest percentage achieved in the last four and a half years, in which the lowest rate was 6.75%.
"The reduction was due in part to a decrease in average deposit rates at public commercial banks, which went from 6.11% to 6.08% and these entities have the most weight in this calculation", reported Elfinancierocr.com.
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