The financial system of Costa Rica made a giant leap in the second half of 2011, with assets of the 17 constituent entities increasing their growth rate from 2% in June to 8% at the end of the year.

A decisive factor in this result was increased demand for credit in a context of very stable interest rates. The Basic Passive Rate (BPR) has risen only 100 basis points, from 7% to 8%.

"2011 ended with financial sector assets amounting to over ¢15 billion ($1 = ¢ 513), an amount that represents 79% of GDP in 2011. The utilities sector amounted to ¢ 171,190 million, 15% more than that seen in 2010, contrasting with a decrease of 3% of the profits that were recorded in 2009-2010," reported Elfinancierocr.com.

Up to now in 2012, most organizations perceive a decline in the rate of placement. However, housing and consumer lines are maintaining an adequate growth rate, estimated the general manager of the Banco de Costa Rica (BCR), Mario Rivera.

Source: elfinancierocr.com