Central Bank of Costa Rica raises passive interest rate

In the last 35 days the Central Bank has raised the political rate two times and the rate for deposits three times.

Thursday, August 14, 2008

On Tuesday, the interest rates on electronic deposits (via "Central Directo", an investment service offered by the Bank) rose again.
The gross interest rate (including the 8% tax) for deposits ranging from 180 days (six months) to 359 days (less than a year) rose from 7.23% to 7.73% and for 1-year deposits (360 days) it rose from 8.88% to 9.13%.

More on this topic

Costa Rica: Basic Rate Rises to 9.5%

April 2012

The BCR has imposed the highest rate since 2009, making the measure effective from Thursday 19th April.

The basic passive rate (BPR) has remained at 9.25%, for 7 consecutive weeks, which is the longest period without changes in the last four years.

"As usual, the change occurred because of the momentum of public commercial banks, whose average rates rose from 9.29% to 9.56% and took with them the BRR which carries the most weight in the calculation," reported Elfinancierocr.com.

Basic Interest Rate Reaches 8.5% in Costa Rica

January 2012

From today the basic passive rate (TBP in Spanish) rose half a percentage point to settle at 8.5%, a level not seen since May 2010.

"The increase was caused by higher deposit rates at state-owned banks, which are the entities that carry the most weight in the definition of the TBP.

Costa Rica: Basic Passive Interest Rate Rises to 7.75%

September 2011

Increased demand for loans has led banks to raise their interest rates.

An increase in loans arranged by banks is one of the main factors causing the basic borrowing rate to go up from 7.5% to 7.75%.

The increased demand for loans, primarily mortgages, driven by the trade fair ‘Expo Casa’, led banks to make an adjustment in their active and passive interest rates..

Costa Rican Central Bank Raises Base Interest Rate to 7.75%

September 2010

From today BCCR sets the Deposit Rate ('Tasa Básica Pasiva') rises 0.25 percentage points to 7.75%.

The interest rate hit its lowest rate in two years last week when it was set at 7.5%.

Juan Pablo Arias, writing for Nacion.com, comments that, "on 19 August, Costa Rica's Central Bank (BCCR) cut the rate used to manage monetary policy to 7.5% and also reduced rates that apply to deposits offered online via Internet".

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