In its semi-annual report, the Central Bank predicts a 7.5% inflation rate for 2009.
This prediction comes close to the target rate of 8% that the bank set for this year.
Patricia Leitón wrote in her article for the website Nacion: “The predicted inflation rate refers to the estimates using statistical or econometric tools. The target inflation rate indicates the commitment of the Central Bank to take measures necessary to reach it.”
The interest rate on Electronic Fixed Term Deposits ranging from 30 days to five years has decreased by between 0.25 to 0.32 percentage points.
"For a period of 30 to 59 days (from one month and up to two months) the gross rate (not excluding the 8% tax) increased from 3.92% to 3.6% and for those within 60 days to 89 days (two months to less than three months), it increased from 5.5% to 5.2%.
High interest rates in colones and the dollar’s loss of value the against the colon accounts for the de-dollarization of Costa Rican’s savings.
The tendency to save in dollars that prevailed in the country for years is slowly disappearing, driven by the sharp devaluation of the U.S. currency which in recent months has not moved away from the lower band limit of 500 colones per dollar .
For 1080 to 1799 day electronic deposits, the entity rose its interest rate from 11.13% to 11.35%.
For deposits longer than 1800 days, the rate also increased, going from 11.23% to 11.35%. This rates do not include an 8% tax on interests.
Journalist Patricia Leitón writes for newspaper Nación: "The minimum deposit for investing in these securities is ¢100.000 ($170), and they are purchased through the "Central Directo" system, available at the web site of the Central Bank. Anyone with a bank account can transfer resources to the Central Bank and invest in these deposits."