Central Bank in Costa Rica Raises Interest Rates

Interest rate on 60 to 89 days Electronic Term Deposits (DEP), increased from 4.25% to 4.40%.

Monday, October 11, 2010

Terms on 90 to 179 days increased from 4.55% to 5.05% and for 180 to 269 days from 5.57% to 6.32%.

"This is the third interest rate change made by Central Bank after the sharp cut of 1.50 points made on August 19 August." La Nacion reports on its website, "…the rate for 180 days to 269 days was cut from 6.75% to 5.50% on August 19th and with Saturday´s adjustment it reached 6.32%."

More on this topic

New Rise in Central Direct’s Interest Rates

February 2012

Less than a week after the last rise the Central Bank of Costa Rica has again increased interest rates on deposits offered by the electronic platform Direct Central.

From the BCCR’s press release:

PRESS
San Jose, February 14, 2012
Interest rates - electronic deposits

We report that the electronic deposit rates to term have changed as follows:

Central Directo in Costa Rica Raises Interest Rates

February 2012

The Central Bank of Costa Rica has increased interest rates on savings offered by the electronic platform Central Directo .

From the press release by the BCCR:

PRESS RELEASE

San Jose, February 7th , 2012
Interest rates - electronic deposits

We inform you that the electronic deposit rates to term have changed, as per the following:

Costa Rica Central Bank Raises Interest Rates

August 2009

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."

Central Directo Raises Interest Rates

March 2009

Interest rates on Termed Electronic Deposits (DEP) of less than 180 days increased by one percentage point.

The one day rate (overnight deposits) reached 7.75%. It was previously at 6.75%.

An article in elfinancierocr.com stressed that the DEP's, which are supplied by the Central Bank of Costa Rica, may have higher rates than the state banks: "Central Direct offers an 8.65% rate for 30 day DEP's; an electronic deposit in the National Bank yields 6.35% for the same time period."

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