Basic Passive Rate Falls to 4.8%

In Costa Rica, the Basic Passive Rate dropped from 4.95% to 4.80%, a drop that was influenced by the behavior of public bank rates.

Wednesday, February 26, 2020

The Central Bank of Costa Rica published on the afternoon of Wednesday, February 26 that after registering a considerable drop the previous week, the Basic Liable Rate fell again, in this case by 0.15% and will remain at 4.80% until next Wednesday, March 4.

The Basic Passive Rate is an average of the collection rates in colons of the financial institutions at terms of 150 to 210 days.

Public banks have influenced this variation. Days ago Gustavo Vargas, manager of the Banco Nacional de Costa Rica (BNCR), confirmed to Nacion.com that they adjusted "... the passive rates by 100 base points, almost in all the tranches, that was replicated in the market by other banks and that produced that the basic rate had the reported behavior."

Vargas added that "... Last year we lowered our deposit rates considerably. But our competitors didn't follow us as much, they did lower them, but only between 50 and 30 basis points on average. However, during the last week, the movement was more categorical and that does have a stronger effect on the base rate.'"

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More on this topic

Basic Passive Rate Falls to 3.75%

April 2020

This week, the Basic Passive Rate continued to fall, from 3.8% to 3.75%, while the Effective Rate in dollars also fell, from 1.94% to 1.84%.

The Central Bank of Costa Rica published on the afternoon of Wednesday, April 15 that after registering considerable drops in the previous weeks, the Basic Passive Rate fell again, in this case by 0.05% and will remain at 3.75% until next Wednesday, April 23.

Costa Rica: Basic Passive Rate Falls to 4.15%

March 2020

This week, the Basic Passive Rate continued to fall, from 4.35% to 4.15%, while the Effective Rate in dollars also fell, from 2.35% to 2.25%.

The Central Bank of Costa Rica published on the afternoon of Wednesday, March 25 that after registering considerable drops in the previous weeks, the Basic Passive Rate fell again, in this case by 0.20% and will remain at 4.15% until next Wednesday, April 1.

Basic Passive Rate Drops to 4.50%

March 2020

The Basic Passive Rate continued to decline and for this week fell from 4.80% to 4.50%, while the Effective Dollar Rate also fell from 2.45% to 2.38%.

The Central Bank of Costa Rica published on Wednesday afternoon, March 4 that after registering considerable drops in the previous weeks, the Basic Passive Rate fell again, in this case by 0.30% and will remain at 4.50% until next Wednesday, March 11.

Lower Interest Rates in Costa Rica

March 2017

After two weeks without recording any changes, the passive base rate dropped from 4.60% to 4.55% and the effective rate in Dollars went from 2.28% to 2.19%.

The Central Bank of Costa Rica issued on Wednesday afternoon, March 8, news that after two weeks of remaining at 4.60%, the Passive Base Rate has fallen and will remain at 4.55% until Wednesday March 15. [GRAFICA caption = "Click to interact with graphics"]

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