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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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Costa Rica: Effective Rate in Dollars

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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.