Interest rates hit Development Units in Costa Rica
High interest rates in Costar Rica could result in lower prices for government securities called Development Units, according to some financial analysts.
Monday, July 28, 2008
The Finance Minstry, however, maintains that these units have gained in popularity in times of negative real interest rates as investment vehicles because they will provide a better profit margin.
The central bank has lowered the interest rates it pays on electronic savings deposits on the "Central Directo" system.
The indicator used as a reference for credit and investments will stay at the rate of 6.95% at least until Wednesday August 20, 2014.
From October last year to date, public banks in Costa Rica cut their average rate by almost 4.5%.
The reference rate for loans and investments decreased from 6.50% to 6.45%, where it will remain until its review next week.
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