Credits: Maximum Rates in Costa Rica

Following the entry into force of the Usury Law, the Central Bank published the maximum annual interest rates, which for credit operations in colons amount to 37.69% and 30.36% in dollars.

Friday, July 3, 2020

The law that was published on June 20, 2020 establishes the methodology to be used to set the maximum interest rate, and stipulates that the Central Bank of Costa Rica must publish on its website and on The Gazette, the maximum usury rates in the first week of January and July each year.

See "Financial Services: Business Potential in Central America"

Details of the maximum annual interest rates, published on July 3, 2020:


Credit type
Max. rate
All types of credit in colons, except microcredits
37.69%
All types of credit in dollars, except microcredits
30.36%
Microcredits in colons
53.18%
Microcredits in dollars
42.99%
Credits in other currencies
7.44%

"The maximum annual interest rate for all types of credit, except microcredit, shall be calculated by adding the simple average of the weighted average of the last twelve months of the lending rate plus twelve point eight (12.8) percentage points. This result shall be multiplied by one point five (1.5).

The maximum annual interest rate for microcredit shall be calculated by adding the simple average of the weighted average of the last twelve months of the lending rate, plus thirteen point eighteen (13.18) percentage points. This result will be multiplied by two point zero eight five (2.085)
", according to the statement of the monetary authority.

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More on this topic

Effective Rate in Dollars Increases to 2.54%

August 2019

In Costa Rica, the Effective Rate in Dollars increased from 2.43% to 2.54%, while the Basic Passive Rate remained unchanged.

The Central Bank of Costa Rica published on Wednesday afternoon August 14 that after the decrease of two weeks ago, the Basic Passive Rate did not change and will remain at 5.80% until next August 21.

Costa Rica: Slight Drop in Interest Rates

February 2018

The Passive Base Rate fell from 6.05% to 6%, while the Effective Rate in Dollars also fell, from 2.33% to 2.23%.

On the afternoon of Wednesday, February 7, the Central Bank of Costa Rica published news that for a second consecutive week, the Passive Base Rate fell back to the level recorded 4 weeks ago, and will remain at 6% until Wednesday, February 14. [GRAFICA caption = "Click to interact with graph"]

Costa Rica: Effective Rate in Dollars

May 2016

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.

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

El Salvador: Maximum Rates for Loans Announced

January 2016

The Central Bank has published the sixth calculation of maximum interest rates to be used in the enforcement of the law against usury.

From a statement issued by the Central Bank:

The Central Bank, in compliance with Article 8 of the law against usury, published on January 15, 2016 in two national newspapers and on its website, the legal maximum rates that will be in effect during the period February 1 to July 31, 2016.

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