Loan Delinquency Increases in Costa Rica
By July, 2.215 of all loans outstanding are more than 90 days behind in their payments, according to Sugef data.
Thursday, August 20, 2009
Even though since November 2008 delinquency has shown an upward trend, it is currently below 3%, a level considered "normal" by the Superintendence of Financial Institutions (Sugef).
Delinquency in credit portfolios for banks in Costa Rica, especially the state banks which control 70% of the market, has dramatically increased in the last few months.
There have now been seven consecutive months during which the default rate of borrowers from the Banco Nacional de Costa Rica has increased, having exceeded the normal limit of 3% over the past three months.
Compared with other economies, the indicator measuring non-payment in the banking system is relatively small, with marked fluctuations in different sectors.
As of November 2008 overdue loans in the banking system rose to $264 million, 85% more than in December 2007 when it was at $142 million.
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