Financial Institutions Sued in Costa Rica

The Association of Free Consumers filed suit against the country's financial institutions.

Wednesday, September 9, 2009

They are against the utilization of the Basic Pasive Rate as the main element for determining interest rates in mortgage and secured loans.

"This lawsuit intends to modify bank loans, creating a more secure scheme that protects consumers", reports local newspaper La Prensa Libre.

More on this topic

Costa Rica: Rise in Rates in Dollars

March 2018

The Effective Rate in Dollars has risen from 2.29% to 2.33%, while the Passive Base Rate fell from 6.1 to 5.95%.

The Central Bank of Costa Rica published on the afternoon of Wednesday, March 7 news that after a rise in the last few weeks, the Passive Base Rate registered a reduction of 0.15%, and will remain at 5.95% until Wednesday, March 14th.[GRAFICA caption = "Click to interact with graph"]

Costa Rica: Rise in Interest Rates

February 2017

After last week's decline, the passive base rate rose from 4.50% to 4.55% and the effective rate in Dollars went from 2.03% to 2.19%.

The Central Bank of Costa Rica issued, on Wednesday afternoon, February 15, news that after a decline last week, the passive base rate rose and will remain at 4.55% until Wednesday 22 February. [GRAFICA caption = "Click to interact with graphics"]

Costa Rica: Interest Rates up to October 12

October 2016

The passive base rate in colones has gone down again, reaching the record low value of 4.60%, meanwhile the effective tax rate in dollars dropped from 2.05% to 1.94%.

The Central Bank of Costa Rica (BCCR) released on Wednesday afternoon on October 12 news that passive base rate will stand at 4.60% until Wednesday October 19, a new low not seen since 2008.

Guatemala Lowers Lending Rates

April 2011

Banks are offering rates of up to 7.5% for mortgage loans, both consumer and corporate.

Mauricio Alvarez, manager of the Banco de los Trabajadores (Bantrab) noted that low interest rates abroad has meant that much "capital is returning to the country because the rates are better."

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