Prime rate drops to 7% in Guatemala

The Monetary Board reduced the prime interest rate by .025 percentage points.

Thursday, January 29, 2009

Prensalibre.com reports: "The decision was due, among other things, to the drop in the oil and food prices, as well as the forecast of recession in the world's largest economies, according to explanations at a press conference yesterday afternoon by the president of the Bank of Guatemala, Maria Antonieta Del Cid de Bonilla."

More on this topic

Base Rate in Costa Rica Drops to 10%

September 2012

With a decline of half a percentage point, the rate will stand at 10% starting the September 6.

The average drop on deposit rates of commercial banks (from 10.64% to 10.03%) drove down the passive base rate (PBR).

"The PBR is a weighted average calculated weekly by the Central Bank of Costa Rica on the uptake rates of the entities in the country’s financial system for periods that are between 150 and 210 days.

Basic Rate Drops to 9.25% in Costa Rica

October 2009

The rate is now at the same level of September 2008, after dropping 0.5 percentage points.

In the past five weeks, the Basic Passive Rate has dropped more than 2.5 percentage points.

"Most economists agree that it wouldn't be surprising if the Central Bank drops the monetary policy rate below 9%, putting further downwards pressure on interest rates", reports Prensalibre.cr.

Main interest rate remains unchanged in Guatemala

December 2008

The monetary board decided yesterday to keep the main interest rate at 7.25%, despite the request from the business sector to lower it in order to revive the economy.

How many houses are not being built and how many business projects have been stopped due to the lack of credit or the increase in interest rates? And, how many potential jobs have been lost as a result?

Guatemala's interest rates rise; benchmark rate now is 7.25%

July 2008

Guatemala's Monetary Committee has raised the benchmark interest rate half a percentage point, from 6.75 to 7.25 percent.

It made the decision upon learning that the rate of inflation soared to 13.56 percent in June, well above the Central Bank's goal of 4 to 7 percent.
"The interest rate was at a level that we thought was low, and we don't want abrupt changes," said Central Bank President María Antonieta del Cid de Bonilla.

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