BCR lowers interest rates in Costa Rica

The Bank of Costa Rica (BCR) lowered interest rates for loans for housing and small and medium businesses by two percentage points.

Monday, February 2, 2009

Nacion.com reports on its website: "The reduction in the interest rates is effective from Sunday February 1.

These measures are a part of the program presented yesterday by the BCR called: "A Hand in Support."

More on this topic

Costa Rica: $176.9 Million for Housing

February 2009

Banco de Costa Rica (BCR) has earmarked $176.9 million (¢100,000 million) in loans for housing in 2009.

The reporter, Mercedes Agüero, wrote in Nacion.com: "This amount will allow 6,000 families to build or buy a home. The interest rate for these loans is the equivalent of the base rate plus 3 points."

Costa Rica: National Bank lowers interest rates

February 2009

Effective February 15 the bank will reduce its interest rate for housing loans lower than $89.000 (¢50 million) by 2 percentage points.

Nacion.com reports on its website: "The Popular Bank also agreed to reduce its interest rates by 2 points starting on March 1.

These banks have joined the Bank of Costa Rica and the Bancredito Bank in reducing their rates at the request of the Government in order to deal with the economic crisis."

Bancredito bank in Costa Rica lowers interest rates

February 2009

Starting February 15, a 2 percentage point decrease in the rates will come into effect for home and small and medium business loans with balances lower than $69,246."

Nacion.com says that "Said measure will last for 24 months, although it will be revised annually.

These measures are in response to the request from the Government that the banks reduce their rates in order to deal with the crisis.

State banks in Costa Rica to lower interest rates

February 2009

The three State Banks, the National Bank, the Bank of Costa Rica and the Credito Agricola Bank, will introduce mechanisms for lowering credit rates.

Nacion.com reports on its website: "The National Bank is in the process of defining what will be the specific procedures and policies in order to deal with the most urgent needs of clients," said the manager of the bank, William Hayden, in brief written response to this paper."

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