Costa Rica: Banks Start Raising Interest Rates

Entities have already registered increases in rates for loans and investments in local currency, adjusting to the increases that the Central Bank has made in the monetary policy rate and the rate for electronic deposits.

Thursday, June 22, 2017

The increase has occurred in a generalized way in most of the interest rates offered by banks and financial institutions for loans and deposits in colones, days after the Central Bank raised the rate for deposits made through its electronic platform. 

Nacion.com reports that "...The increase is seen in the Interbank Reference Rate (TRI) of the Chamber of Banks, which also reflects increases, especially in terms of 1 and 3 months.  Within a month, for example, the rate went from 1.41% on May 31 to 2.77% on June 21." 

"... Some credit rates also reflect increases.  For example, the average national-interest rate of state-owned banks for housing rose from 9.44% on June 6 to 9.69% on June 20 and the consumption rate from 21.69% to 21.78% on the same dates."

The passive base rate yesterday rose to 5.50%, up from the 4.95% registered the previous week. This indicator has been showing a clear upward trend in recent weeks.

 

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More on this topic

Interest Rates Rise in Costa Rica

June 2017

The Passive Base Rate has risen again, going from 4.80% to 4.95%, while the Effective Rate in Dollars also increased, going from 2.15% to 2.22%.

The Central Bank of Costa Rica published on the afternoon of Wednesday, June 14, news that the Passive Base Rate rose for a third consecutive week, and the level at which it will remain until next Wednesday June 21 is 4.95%. [GRAFICA caption = "Click to interact with graphics"]

Costa Rica: Changes in Interest Rate Calculation

October 2015

From February 2016 the calculation of the passive base rate made by the Central Bank will incorporate total term deposits in colones and the atypical transactions that are excluded will be redefined.

The Central Bank of Costa Rica announced that as of February 3, 2016 a new method of calculating the main benchmark for interest rate loans and investments in the country will come into effect.

Costa Rica: Base Rate Drops to 6.9%

May 2015

The main reference interest rate for investments and loans continues its downward trend seen in recent weeks, now standing at 6.90%

The rate calculated by the Central Bank of Costa Rica, will remain at 6.90% at least until Wednesday 3 June.

The decline in the indicator is linked to the recent decision of the Central Bank to reduce the monetary policy rate .

Is a Reference Rate for Dollars Useful?

May 2014

The Central Bank of Costa Rica has suggested creating a benchmark rate for dollars, similar to passive base rate applied to the local currency, the Colón.

With the proposal, the Central Bank aims to "reflect the cost faced by financial intermediaries in the country of having funds in dollars," taking into account references for interest rates where entities are funded abroad and other external factors.

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