Monetary Policy Rate Stays at 5.25%

Arguing that inflation expectations are within the target range, in Costa Rica the Central Bank decided to keep the monetary policy rate unchanged.

Wednesday, March 6, 2019

The last increase in the monetary policy rate was made in early November 2018, when the Central Bank of Costa Rica (BCCR) decided to raise it from 5% to 5.25%, arguing that forecasts suggest that inflation in 2019 could be above the upper limit of the target range.

See "Monetary Policy Rate Increases to 5.25%"

From the BCCR statement:

March 5, 2019. The Board of Directors of the Central Bank of Costa Rica, in article 9 of the 5866-2019 session of February 27, 2019, agreed to maintain the Monetary Policy Rate (TPM) at 5.25%. This decision was based on the analysis of the forecast trajectory for inflation and its determinants, the horizon in which the monetary policy operates and the valuation of risks, upwards and downwards in the projected inflation.

Read full statement.

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Monetary Policy Rate Begins 2020 at 4.5%

February 2020

Arguing that for this year inflation is expected to remain around the central value of the target range, the Central Bank of the Dominican Republic decided to set the Monetary Policy Rate at 4.5%.

From the BCRD's press release:

January 31st, 2020. In its monetary policy meeting of January 2020, the Central Bank of the Dominican Republic (BCRD) decided to maintain its monetary policy rate at 4.50% per annum.

Costa Rica: Monetary Policy Rate Falls to 4.75%

May 2019

Arguing that the rise in international commodity prices and the redefinition of the basic tax basket could put upward pressure on inflation, the Central Bank reduced the Monetary Policy Rate to 4.75%.

This is the second reduction made by the Central Bank of Costa Rica (BCCR) so far this year, since at the end of March it decided to reduce the monetary policy rate from 5.25% to 5%.

Monetary Policy Rate goes Down to 5%

March 2019

Arguing that there are factors that could push inflation down, in Costa Rica the Central Bank decided to reduce the monetary policy rate from 5.25% to 5%.

The inflation forecast models of the Central Bank suggest that this would converge to the target range from the second quarter of 2019 and would remain around or below the midpoint of that range during the horizon of the 2019-2020 macroeconomic programming, informed the Central Bank of Costa Rica (BCCR).

Monetary Policy Rate Increases to 5.25%

November 2018

Arguing that the predictions suggest that inflation in 2019 could be above the upper limit of the target range, the Central Bank of Costa Rica decided to raise the monetary policy rate from 5% to 5.25%.

From the statement of the Central Bank of Costa Rica:

November 1st, 2018. The Board of Directors of the Central Bank of Costa Rica (BCCR), in the session of October 31st, 2018, decided to increase the monetary policy rate (TPM) by 25 basic points to 5.25% annually. The Board of Directors also agreed to increase the gross interest rate on one-day deposits (DON) by 19 basis points to 3.23% annually. Both increases are in effect from November 1st, 2018.


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