Costa Rica bank rate jumps 1%

Costa Rica's Central Bank raised its prime lending rate, or monetary rate, Thursday from eight percent to nine percent.

Friday, July 11, 2008

The bank's management committee also raised the gross rate for overnight deposits from 4.25 percent to 5.25 percent.
The monetary rate is used by the Central Bank to influence the market. It is the main tool for executing monetary policy.
The bank is raising its rates as part of the campaign against inflation.

More on this topic

Costa Rica: Base Rate Remains at 6.95%

June 2013

Keeping a level close to the lowest in the last four years, for the second consecutive week the central bank calculated the base lending rate at 6.60%.

Crhoy.com reports that "with this percentage the rate has reached its lowest level since the implementation of the new calculation methodology adopted in December 2012, and one of the lowest in the last four years."

Base Rate Rises to 10.5% in Costa Rica

September 2012

Starting tomorrow, Thursday September 27, the passive base rate will increase by 25 base points and will be stand at 10.50%.

The passive base rate will increase from 10.25% to 10.50% as a result of its weekly re-calculation.

The PBR is a weighted average calculated weekly by the Central Bank of Costa Rica from the uptake rates of entities in the country’s financial system for fixed periods that are between 150 and 210 days.

Costa Rica's Reduces its Interest Rate Objective to 7.5%

August 2010

The Costa Rican Central Bank (BCCR) has cut its monetary policy managed rate (TPM in Spanish) by 0.5%.

BCCR believes that medium term inflationary pressures have subdued, taking into account underlying variation in prices. In addition, greater exchange rate flexibility has created favorable conditions enabling it to manage monetary policy more effectively," reports Nacion.com.

Costa Rica's central bank raises colon interest rates

May 2008

Costa Rica's central bank raised its monetary policy interest rate from 3.25 percent to 4.25 percent, the elfinancierocr.com website reported.

The increase gives a clear signal on how colon interest rates are likely to move in the coming weeks, the website said.

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