Basic interest rate lowered to 10% in Costa Rica

The basic passive rate dropped half a point to 10% between today and November 11, the Central Bank reported.

Thursday, November 6, 2008

Week before last, the percentage had dropped from 11% to 10.75% and last week it went from 10.75% to 10%.

The basic passive rate is an average of the interest rates for savings in colones for terms between 150 days (5 months) and 210 days (7 months) calculated by the Central Bank.

More on this topic

Basic interest rates goes up to 10.75% in Costa Rica

November 2008

The basic passive rate will go up again today to 10.75%.

The 0.75 percentage point increase comes after three consecutive weeks of a downward trend in the index.

Pablo Villalobos, head of Monetary and Financial Statistics at the Central Bank, explained yesterday that the adjustment occurred because a certain bank had acquired a significant amount of funds for which it paid an interest rate that was higher than the normal market rate.

Costa Rica: Basic interest rates drops to 10.5%

October 2008

The basic passive rate went down another quarter point this week to 10.5% and will remain there until November 5, the BCCR reported today.

Last week said percentage dropped from 11% to 10.75%.

Passive Basic Rate in Costa Rica down to 10,75%

October 2008

The new Passive Basic Rate in Costa Rica now stands at 10.75%, down 0.25% from 11%.

This reduction means good news, at least for a week, for those who own loans indexed to the Basic Rate, as monthly payments will decrease.
Economist Alberto Franco considers that this small downward movement is normal, but it does not imply a shift in the upward trend of the interest rates in the country.

Basic rate goes up to 11% in Costa Rica

October 2008

The passive basic rate goes up, starting today, by one percentage point, from 10% to 11%, the Central Bank reported today.

The passive basic rate is an average of the interest rates for savings in colones for terms between 150 days (5 months) and 210 days (7 months). With yesterday's increase, there have now been 13 increases since last May, which were interrupted last week with a drop of 0.25 points (10%).

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