Costa Rica: Effective Rate in Dollars

The Central Bank of Costa Rica has started publishing the effective rate in dollars, which is a weighted average of the gross interest rates given for term deposits.

Thursday, May 5, 2016

Calculation of the Effective Rate in Dollars
Week of 05/05/2016 to 11/05/2016

Public banks: Relative Weight: 0.4338 - Average Rate: 1.6084
Private Banks: Relative Weight: 0,5662- Average rate: 2.1677
Total average rate: 1.9251
Effective rate in dollars: 1.9300

From a statement issued by the Central Bank of Costa Rica:

New rate will approximate the cost faced by financial intermediaries in the country for the various sources of financing in foreign currency

The Central Bank of Costa Rica (BCCR) released on Wednesday May 4, 2016, for the first time, the effective rate in dollars (TED), which is a weighted average of the rates of gross interest given for term deposits in dollars for each of the terms offered by financial intermediaries and for external debt (term deposits with non-resident, direct loans and lines of credit), in dollars, of the Other Deposit Societies (OSD by their initials in Spanish). This average will be rounded to the nearest basis point.



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.

Effective Rate in Dollars Goes down to 2.35%

March 2020

The Basic Passive Rate remained at 4.5%, while the Effective Dollar Rate reported a decrease, in this case from 2.38% to 2.35%.

The Central Bank of Costa Rica published on Wednesday afternoon, March 11, that after registering a decrease the previous week, the Basic Liable Rate reported no variations for the next few days and will remain at 4.5% until March 18.

Effective Rate in Dollars Goes Up to 2.49%

February 2020

In Costa Rica, the Effective Rate in Dollars registered an increase from 2.47% to 2.49%, and the Basic Passive Rate remained at 5.75%.

The Central Bank of Costa Rica published on Wednesday afternoon, February 5th, that for this week the Basic Passive Rate will remain unchanged for the fourth consecutive week, and will be at 5.75% until next Wednesday, February 12th.

Costa Rican Banks Look for Dollars Abroad

October 2012

High interest rates, the product of the Treasury’s steady increase in financing with debt, is leading banks to seek funds abroad.

In the country the average lending rate in dollars is about 11%, considerably higher than in the United States, where the average is 4%.

This gap is the result of higher government borrowing in dollars, which has increased its debt in this currency by 165% year on year.

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Dec 1)
Brent Crude Oil
47.31
Coffee "C"
118.15
Gold
1,816
Silver
24.075